Exide Industries Invests Rs. 180 Crore in Subsidiary EESL
Filing Summary
Exide Industries Limited has announced a change in key managerial personnel and a further equity investment in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL). On December 22, 2025, Mr. Mandar V Deo resigned as Managing Director and CEO of EESL, and Mr. Pravin Ramchandra Saraf was appointed to the position. On December 23, 2025, Exide Industries invested Rs. 180 crore in EESL through a rights issue, maintaining its 100% shareholding. The investment supports EESL’s ongoing lithium-ion battery manufacturing project in Bengaluru.
Exide Industries Limited has reported a change in key managerial personnel and an additional equity investment in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL). On December 22, 2025, Mr. Mandar V Deo resigned from his position as Managing Director and Chief Executive Officer of EESL. The Board of Directors of Exide Industries Limited approved the appointment of Mr. Pravin Ramchandra Saraf, Executive Director of Exide Industries, as the new Managing Director and CEO of EESL, effective immediately.
On December 23, 2025, Exide Industries Limited invested Rs. 180 crore in EESL by subscribing to equity shares on a rights basis. This investment brings the total investment by Exide Industries in EESL to Rs. 4,202 crore. The investment was made through the allotment of 4,50,00,000 equity shares at Rs. 10 each, with a premium of Rs. 30 per share. The shareholding percentage of Exide Industries in EESL remains unchanged at 100% following this transaction.
EESL is engaged in the manufacturing and sale of lithium-ion battery cells, modules, and packs. The company is currently setting up a greenfield plant in Bengaluru to expand its manufacturing capabilities. The recent equity investment by Exide Industries is intended to fund this project and meet various funding requirements associated with the plant’s development. EESL’s paid-up equity share capital stands at Rs. 1,354 crore, with a net worth of Rs. 2,738 crore as of March 31, 2025.
Exide Energy Solutions Limited was incorporated on March 24, 2022, and focuses on the production of advanced chemistry battery cells, including cylindrical, pouch, and prismatic forms. The company caters to India’s electric vehicle market and stationary applications. For the fiscal year ending March 31, 2025, EESL reported a turnover of Rs. 116 crore and a loss after tax of Rs. 209 crore. The investment by Exide Industries is aligned with EESL’s strategic objectives to enhance its production capabilities and market presence.
The equity shares resulting from the investment were allotted on December 23, 2025. No governmental or regulatory approvals were required for this transaction. The investment was conducted at arm’s length, with no additional interest from the promoter group beyond the stated transaction.
Exide Industries Limited is a leading manufacturer of lead-acid storage batteries and power storage solutions. The company focuses on expanding its presence in the energy storage sector, including lithium-ion technology, to cater to the growing demand for electric vehicles and renewable energy applications. Exide Industries continues to invest in its subsidiaries to support strategic growth and technological advancements.