Exide Industries Limited — Important, 17-12-2024: Updates

Exide Industries Limited has invested ₹99.99 crores in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings Exide's total investment in EESL to ₹3,152.24 crores. EESL focuses on manufacturing lithium-ion battery cells, modules, and packs for the electric vehicle market and related applications. The company is in the process of establishing a greenfield plant in Bengaluru to enhance its manufacturing capabilities. EESL reported a turnover of ₹239.14 crores for FY 2023-24, despite showing a loss after tax of ₹149.45 crores for the same period. With this latest investment, Exide maintains its 100% shareholding in EESL, which operates in a promising sector as demand for electric vehicle components rises. Investors should consider this strategic move as an indicator of Exide's commitment to expanding its footprint in the renewable energy market, signaling a positive outlook for growth.