Exide Industries Invests ₹100 Crore in EESL to Fund Bengaluru Battery Cell Plant

Exide Industries Limited (EIL) has announced an investment of ₹100 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings EIL’s total equity investment in EESL to ₹3,702.23 crore. The shareholding of Exide in the subsidiary remains unchanged at 100%.

The investment was made by subscribing to 2.5 crore equity shares of ₹10 each at a premium of ₹30 per share. The transaction, which qualifies as a related-party transaction, was executed at arm’s length, according to the company’s disclosure filed with Indian stock exchanges.

EESL, incorporated in March 2022, is spearheading Exide’s foray into the lithium-ion battery segment. It manufactures and sells battery cells, modules, and packs for electric vehicle (EV) and stationary storage applications. The fresh capital infusion will help fund EESL’s greenfield manufacturing plant in Bengaluru, a key initiative in Exide’s strategy to localize and scale battery cell production in India.

EESL reported a turnover of ₹116.89 crore and a net loss of ₹209.12 crore for FY 2024-25. The company’s paid-up capital currently stands at ₹1,229.21 crore, with a net worth of ₹2,738.06 crore as of March 31, 2025. The latest investment includes earlier capital infusions into the now-merged Exide Energy Private Limited (EEPL).

Exide’s commitment to lithium-ion battery technology marks a significant shift for the company, historically known for its lead-acid battery business. The upcoming Bengaluru plant is expected to strengthen the domestic EV supply chain and reduce India’s reliance on imported cells.