Exide Infuses ₹4.5 Billion into Subsidiary for Battery Manufacturing Expansion
Exide Industries has made an additional investment of ₹4.5 billion (~$47.86 million) in its wholly owned subsidiary, Exide Energy Solutions (EESL), through a rights issue of equity shares. EESL is developing a facility in Bengaluru to develop lithium-ion battery cells and related products. With this infusion, Exide’s total investment in EESL has increased to ₹48.02 billion (~$510.78 million), while its shareholding remains unchanged at 100%.