Exide Industries Limited (EIL), India's largest conventional battery manufacturer, announced a fresh capital infusion of ₹450 crore into its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), bringing its total financial commitment to the electric vehicle battery venture to ₹4,802.23 crore.The investment was made by way of subscription to equity shares on a rights basis.
EESL allotted 11,25,00,000 equity shares of ₹10 each at a premium of ₹30 per share — an issue price of ₹40 per share — aggregating to ₹450 crore in total. The consideration was entirely in cash. Since the allotment was on a rights basis exclusively to the parent company, EIL's 100% stake in EESL remains unchanged.
EESL was incorporated on 24th March 2022. It is engaged in manufacturing and selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary energy storage applications. Its product scope spans cylindrical, pouch, and prismatic battery cell formats.
The subsidiary is currently setting up a greenfield manufacturing facility near Bengaluru, and this fresh capital is directly aimed at funding that project and meeting broader operational financing requirements as it scales up.
Financial Snapshot of EESL
- Paid-up share capital (as on date): ₹1,504.21 crore
- Net worth (FY 2024–25): ₹2,738.06 crore
- Revenue (FY 2024–25): ₹116.89 crore
- Revenue (FY 2023–24): ₹239.14 crore
- Revenue (FY 2022–23): ₹112.05 crore
- Loss after tax (FY 2024–25): ₹209.12 crore
- Total cumulative investment by EIL in EESL: ₹4,802.23 crore
The revenue figures incorporate results following the merger of the erstwhile Exide Energy Private Limited (EEPL) into EESL.
EESL's financials reflect the profile of a capital-intensive, pre-scale manufacturing venture. Despite posting a loss after tax of ₹209.12 crore in FY25 and a revenue dip from ₹239 crore to ₹117 crore year-on-year, Exide Industries continues to back the subsidiary aggressively. With cumulative investment now exceeding ₹4,800 crore, EIL has made a significant investment in domestic lithium-ion cell manufacturing in India.