By: ICN Bureau
Last updated : September 21, 2023 10:18 am
EESL is in the process of setting up a plant for manufacturing & selling lithium-ion battery cells, modules and pack business
Exide Industries Limited has invested Rs. 124.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), on rights basis. There is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.
EESL, an existing wholly owned subsidiary of Exide Industries Limited was incorporated on 24th March 2022 and will be engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications.
EESL is in the process of setting up a plant for manufacturing & selling lithium-ion battery cells, modules and pack business. The company has made further investment by subscribing to equity shares offered by EESL on a rights basis to fund its green field project and meet various funding requirements.
With the current investment, EIL shareholding in EESL remains unchanged at 100%.