Exide Industries Funnels Over Rs 100 Crore Into Advanced Chemistry Battery Cells By CIOTechOutlook Team

Exide Industries Funnels Over Rs 100 Crore Into Advanced Chemistry Battery Cells

CIOTechOutlook Team | Friday, 08 September 2023, 03:17 IST

Exide Industries Ltd announced a 100 crore investment in its wholly-owned subsidiary Exide Energy Solutions Ltd, which manufactures advanced chemistry battery cells. Exide Industries stated in a regulatory filing that it has made an investment in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis.

Exide Industries stated that the company's shareholding portion in EESL has not changed as a result of the transaction. According to the firm, EESL has paid up equity share capital of Rs.374.40 crore as of today, with a net value of Rs.655.20 crore as of March 31, 2023. For the fiscal year ending March 31, 2023, EESL reported a net loss of Rs. 59.81 crore after tax.

In a separate regulatory filing, the business stated that it has given Corporate Guarantee in favor of five banks, namely ICICI Bank, HDFC Bank, Axis Bank Limited, HSBC Bank, and Kotak Mahindra Bank, against credit facilities sanctioned by the banks totaling Rs. 2000 crore to EESL.

As per the firm, it manufactures innovative chemistry and form factor battery cells, including as cylindrical, pouch, and prismatic battery cells, as well as manufacturing, assembling, and distributing battery modules, battery packs, and other related operations.