Exide Industries invests over Rs 100 crore in subsidiary making advanced chemistry batteries

Automotive battery major Exide Industries Ltd said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary EESL.

Chennai: Automotive battery major Exide Industries Ltd on Friday said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary Exide Energy Solutions Ltd (EESL).

In a regulatory filing Exide Industries said it has invested just over Rs.100 crore (Rs 100,00,00, 015 – Rupees One hundred crore and fifteen only) by way subscribing to the rights issue of EESL.

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The Rs 374.40 crore equity based EESL is into manufacturing battery cells of advanced chemistry as well as manufacturing, assembling, selling battery modules, battery packs and other related activities thereto.

EESL’s net worth as on 31.03.2023 was Rs 655.20 crore had logged a loss of Rs 59.81 crore for the year ended 31.3.2023.