Exide invests Rs 100 crore in battery-cell making arm

CHENNAI: Battery maker Exide Industries Ltd on Thursday said it has invested over Rs 100 crore in its wholly-owned arm Exide Energy Solutions Ltd, which is into manufacturing of advanced chemistry battery cells.

In a regulatory filing, Exide Industries said it made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis.

There is no change in the shareholding percentage of the company in EESL pursuant to such acquisition, it said. EESL has a paid up equity share capital of Rs 374.40 crore as on date with net worth of Rs 655.20 crore as on March 31, 2023 and it posted a net loss of Rs 59.81 crore in the year ended March 31, the filing added.