Exide Industries invests $17.2 million in lithium battery plant in India
From pv magazine India
Exide Industries has invested INR 1.49 billion in its lithium battery unit, Exide Energy Solutions Ltd. (EESL), through a rights-based subscription in equity share capital. The investment brings its total investment in EESL to INR 33.02 billion, including an investment made in the previously merged subsidiary Exide Energy Pvt Ltd.
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“EESL has allotted 41,663,892 nos. equity shares of INR 10 each at a premium of INR 26 per share aggregating to INR 1,499,900,112 on rights basis to Exide Industries Ltd,” said the company. “There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.”
EESL, incorporated in March 2022, manufactures and sells lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications.
The subsidiary is setting up a greenfield plant in Bengaluru to manufacture and sell lithium-ion battery cells, modules and packs. The group said the equity investment in EESL on a rights basis is to fund this greenfield project and meet its various funding requirements.
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