Exide Industries Limited (EIL) has announced a capital infusion of Rs. 4.5 billion (US$ 47.83 million) into its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), increasing its total financial commitment to the electric vehicle battery venture to Rs. 48.02 billion.

The investment was executed through the subscription of equity shares on a rights basis.

EESL allotted 112.5 million equity shares of Rs. 10 each at a premium of Rs. 30 per share, resulting in an issue price of Rs. 40 per share and aggregating to a total of Rs. 4.5 billion.

The consideration was entirely in cash. As the allotment was conducted on a rights basis exclusively to the parent company, EIL's 100% stake in EESL remains unchanged.

EESL, incorporated on 24th March 2022, is engaged in the manufacture and sale of lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary energy storage applications. Its product portfolio includes cylindrical, pouch, and prismatic battery cell formats.

The subsidiary is currently establishing a greenfield manufacturing facility near Bengaluru. The capital infusion is intended to fund this project and meet broader operational financing requirements.

Financial snapshot of EESL

- Paid-up share capital (as on date): Rs. 15.04 billion
- Net worth (FY 2024-25): Rs. 27.38 billion
- Revenue (FY 2024-25): Rs. 1.17 billion
- Revenue (FY 2023-24): Rs. 2.39 billion
- Revenue (FY 2022-23): Rs. 1.12 billion
- Loss after tax (FY 2024-25): Rs. 2.09 billion
- Total cumulative investment by EIL in EESL: Rs. 48.02 billion

The revenue figures include results following the merger of the erstwhile Exide Energy Private Limited (EEPL) into EESL.

EESL's financials reflect the profile of a capital-intensive, pre-scale manufacturing venture. The company recorded a loss after tax of Rs. 2.09 billion in FY 2024-25 and a year-on-year revenue decline from Rs. 2.39 billion to Rs. 1.17 billion. Cumulative investment by EIL in the subsidiary now exceeds Rs. 48 billion.