Business Update20 Aug 2024, 10:32 pm
Exide Industries Invests Rs. 74 Crores in Wholly Owned Subsidiary Exide Energy Solutions Limited
AI Summary
Exide Industries Limited has invested Rs. 74,99,99,988/- in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), on rights basis. This brings the total investment by Exide Industries in EESL to Rs. 2,652.24 crore, with no change in the shareholding percentage. EESL is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications. The investment was made on 20th August 2024.
Key Highlights
- Exide Industries has invested Rs. 74 crores in its wholly owned subsidiary, Exide Energy Solutions Limited.
- This investment brings the total investment by Exide Industries in EESL to Rs. 2,652.24 crore.
- EESL is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications.
- The investment was made on 20th August 2024.
- There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.