Exide Industries Limited announced a leadership transition at its wholly owned subsidiary Exide Energy Solutions Limited (EESL) on December 22, 2025, alongside an equity investment of Rs 180 crore in the battery manufacturing unit.
Mandar V Deo resigned as Managing Director and Chief Executive Officer of EESL on December 22, 2025. The Board of Directors approved the appointment of Pravin Ramchandra Saraf as the new MD and CEO with immediate effect.
Saraf currently serves as Executive Director at Exide Industries Limited and held a non-executive director position at EESL prior to his appointment. The Nomination and Remuneration Committee and Board of Directors of Exide Industries recommended the appointment before EESL's board approved it.
On December 23, 2025, Exide Industries invested Rs 180 crore through a rights issue subscription in EESL's equity share capital. The company allotted 4.5 crore equity shares of Rs 10 each at a premium of Rs 30 per share to the parent company.
The investment brings Exide Industries' total stake in EESL to Rs 4,202.23 crore. The shareholding percentage remains unchanged at 100 percent following the transaction.
Exide Energy Solutions Limited was incorporated on March 24, 2022, to manufacture and sell lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications. The company operates in battery cell manufacturing using advanced chemistry and form factors, including cylindrical, pouch, and prismatic designs.
EESL is currently developing a greenfield manufacturing plant in Bengaluru. The recent equity infusion will fund this project and meet the subsidiary's operational requirements.
As of March 31, 2025, EESL reported a paid-up equity share capital of Rs 1,354.21 crore and a net worth of Rs 2,738.06 crore. The company recorded a turnover of Rs 116.89 crore for the financial year 2024-25, while posting a loss after tax of Rs 209.12 crore.
The company's turnover figures for previous years stood at Rs 239.14 crore in FY 2023-24 and Rs 112.05 crore in FY 2022-23, following the merger with erstwhile subsidiary Exide Energy Private Limited.
Exide Industries disclosed the developments to the BSE, National Stock Exchange of India, and The Calcutta Stock Exchange under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.