Exide Industries Invests ₹1 Billion in EESL for Lithium-ion Manufacturing
Exide Industries invests ₹1 billion in Exide Energy Solutions to establish a lithium-ion cell manufacturing facility. This investment is part of a larger initiative approved by EIL's board to support battery production for electric vehicles.
Theia Market Signal Identification - AI Assisted
Exide Industries Limited (EIL) has invested ₹1 billion (~$10.38 million) in Exide Energy Solutions Limited (EESL) to support a gigawatt-scale lithium-ion cell manufacturing facility in Bengaluru. This investment was executed through a rights issue, with EIL acquiring 28,571,428 equity shares at ₹10 each plus a premium of ₹25.
EIL’s total investment in EESL now reaches ₹49.02 billion (~$508.85 million), following a prior board decision to allocate up to ₹14 billion (~$145.32 million) for the facility in multiple tranches. EESL, established on March 24, 2022, focuses on manufacturing lithium-ion battery cells, modules, and packs, reporting a turnover of ₹1.58 billion (~$16.36 million) in the 2025-26 fiscal year. The investment underscores a strategic push towards enhancing battery production capabilities within the electric vehicle sector.
Comments