Bengaluru, India – Exide Industries Limited (EIL), a leading energy storage solutions provider, has announced an investment of ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). This investment was made through subscription to equity shares on a rights basis, reinforcing the company’s commitment to sustainable energy solutions.
Key Highlights
- Strategic Investment in EESL
- With the new infusion of ₹99.99 crore, the cumulative investment by Exide Industries in EESL now totals ₹3,152.24 crore.
- This includes previous investments in EESL and its merged entity, Exide Energy.
- EIL’s shareholding in EESL remains at 100%, ensuring complete ownership and control.
- Greenfield Lithium-Ion Battery Plant
- EESL is setting up a state-of-the-art greenfield plant in Bengaluru to manufacture lithium-ion battery cells, modules, and packs.
- The project aims to meet the growing demand in the EV market and stationary energy storage applications.
- The funds from this equity investment will be utilized to support the plant’s construction and operational requirements.
- Focus on EV and Stationary Energy Applications
- EESL, established in March 2022, specializes in lithium-ion battery solutions for electric vehicles and stationary applications.
- The new facility aligns with India’s transition to renewable energy and the push for domestic manufacturing of EV batteries.
Implications of the Investment
Strengthening India’s EV Ecosystem
The investment in EESL will position Exide Industries as a major player in India’s burgeoning EV market. The Bengaluru plant will boost domestic lithium-ion battery production, reducing reliance on imports and contributing to India’s vision of becoming a global EV hub.
Support for Renewable Energy Storage
Lithium-ion batteries are critical for renewable energy storage solutions. With EESL’s focus on manufacturing battery packs for stationary applications, the company will play a pivotal role in supporting India’s renewable energy targets.
Job Creation and Economic Growth
The greenfield project in Bengaluru is expected to generate significant employment opportunities, both during construction and operational phases, and foster skill development in advanced battery technologies.
Exide Industries: Driving Innovation in Energy Storage
Exide Industries, known for its legacy in lead-acid batteries, has been diversifying into lithium-ion and advanced energy storage solutions. This strategic shift underscores its commitment to innovation and sustainable energy.
The establishment of EESL and the ongoing investments highlight Exide’s proactive approach to capitalizing on the evolving energy landscape, particularly in electric mobility and renewable energy.
FAQs on Exide’s Investment in EESL.
Q1: What is the purpose of the Bengaluru greenfield plant?
The plant is dedicated to manufacturing lithium-ion battery cells, modules, and packs for the EV market and stationary energy storage applications.
Q2: How much has Exide Industries invested in EESL to date?
As of now, Exide Industries has invested ₹3,152.24 crore in EESL, including the latest ₹99.99 crore infusion.
Q3: What sectors will EESL focus on?
EESL specializes in lithium-ion battery solutions for electric vehicles and stationary energy applications.
Q4: How will this investment impact India’s energy landscape?
By boosting domestic lithium-ion battery manufacturing, the investment will reduce import dependency, support India’s renewable energy goals, and strengthen the EV ecosystem.
Q5: When was EESL established?
EESL was incorporated in March 2022 to focus on advanced energy storage solutions
