Battery maker Exide Industries Ltd on Wednesday said it has further invested nearly INR 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. The investment of INR 39,99,99,975 has been made by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), on rights basis, Exide Industries said in a regulatory filing. “With this investment, the total investment made by the company in EESL stands at INR 1,965 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition,” it added.
EESL is in the process of setting up a plant for manufacturing and selling lithium-ion battery cells, modules and pack business.
The further capital infusion is to fund the greenfield project and meet various funding requirements of EESL, the company said.
EESL is into manufacturing battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic, as well as manufacturing, assembling, selling battery modules, battery packs and other related activities, the company said.
