Exide Industries Limited — Important, 26-11-2024: Updates

Exide Industries Limited has invested Rs. 99.99 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings Exide's total investment in EESL to approximately Rs. 3,052.24 crore. EESL, which manufactures lithium-ion battery cells for electric vehicles and stationary applications, reported a turnover of Rs. 239.14 crore for the fiscal year 2023-24, with a net loss after tax of Rs. 149.45 crore. The investment is aimed at financing a greenfield plant in Bengaluru for the battery manufacturing business, with no change in Exide’s 100% ownership post-investment. Investors should watch closely as the expansion in the EV sector presents potential growth opportunities.