Investment17 Dec 2024, 09:40 pm
Exide Industries Invests Rs. 99 Crores in Wholly Owned Subsidiary Exide Energy Solutions Limited
AI Summary
Exide Industries Limited (EIL) has invested Rs. 99,99,99,972/- in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), on 17th December 2024. This investment, made on a rights basis, brings EIL's total investment in EESL to Rs. 3152.24 crores. EESL, incorporated on 24th March 2022, is engaged in manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications. The investment will fund EESL's green field project and meet its various funding requirements.
Key Highlights
- Exide Industries Limited has invested Rs. 99 crores in its wholly owned subsidiary, Exide Energy Solutions Limited.
- The investment was made on a rights basis, bringing EIL's total investment in EESL to Rs. 3152.24 crores.
- EESL is a manufacturer of lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications.
- The investment will fund EESL's green field project and meet its various funding requirements.
- EESL was incorporated on 24th March 2022 and has a net worth of Rs. 1,981.56 crore as of 31st March 2024.