"Exide Industries Ltd Injects Rs. 340 Crores into Exide Energy Solutions Ltd"

Exide Industries Limited (EIL) has made a significant investment of ₹340,00,00,020/- (Rupees Three Hundred Forty Crore and Twenty Only) through a subscription to the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), on rights basis. This move signifies EIL's commitment to strengthening its subsidiary's position in the market. Importantly, this investment does not result in any alteration of the Company's shareholding percentage in EESL, as the subsidiary remains wholly owned.

Exide Energy Solutions Limited (EESL), an established wholly owned subsidiary of Exide Industries Limited, was officially incorporated on March 24, 2022. The subsidiary is poised to enter the dynamic business arena, focusing on the manufacturing and sale of lithium-ion battery cells, modules, and packs. EESL's target market encompasses India's burgeoning electric vehicle segment and stationary applications.

This strategic investment underscores EIL's dedication to advancing its presence and influence in the ever-evolving field of energy solutions and lithium-ion battery technology. As India's electric vehicle market continues to grow, EESL's role in this sector is expected to play a pivotal role in shaping the future of sustainable energy solutions.

EQUITYBULLS