Exide Industries Invests Additional ₹100 Crore in Exide Energy Solutions to Bolster EV Battery Production

Exide Industries Limited (EIL) has infused an additional ₹100 crore into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This investment elevates EIL's total commitment in EESL to ₹3,152.24 crore. EESL is currently establishing a greenfield facility in Bengaluru dedicated to manufacturing lithium-ion battery cells, modules, and packs, aiming to cater to India's burgeoning electric vehicle (EV) market and stationary applications. This strategic investment underscores Exide's dedication to advancing clean energy solutions and strengthening its position in the rapidly expanding EV sector.

Source: Financial Express