Exide Industries Invests INR 200 Crore in EESL for Battery Cell Manufacturing

Exide Industries Ltd. has invested INR 199.99 crore in its wholly owned subsidiary, Exide Energy Solutions Ltd. (EESL), through a rights based equity subscription to support the development of its greenfield multi gigawatt lithium ion cell manufacturing facility in Bengaluru.

According to a regulatory filing, the investment was made on August 18, 2026, through the subscription of 57,142,857 equity shares of EESL at INR 35 per share. The issue price comprises a face value of INR 10 and a premium of INR 25 per share.

The transaction was carried out on a rights basis and does not result in any change in Exide Industries’ ownership in EESL. Exide continues to hold 100 percent of the subsidiary.

Incorporated in March 2022, EESL is engaged in the manufacturing and sale of lithium ion battery cells, modules and packs for electric vehicles and stationary applications. The company is also developing advanced chemistry battery manufacturing capabilities covering different cell formats and associated battery systems.

The latest capital infusion is intended to support EESL’s ongoing greenfield battery cell manufacturing project in Bengaluru, along with other funding requirements associated with establishing its domestic battery manufacturing operations.

Exide Industries had announced in January 2026 that it would invest up to INR 1,400 crore in EESL, which was to be infused in one or more tranches. The proposed investment was aimed at supporting the development of the multi gigawatt lithium ion cell manufacturing facility.

The company has been making periodic investments in EESL to finance the project. In December 2025, Exide Industries invested INR 180 crore in the subsidiary, taking its cumulative investment in EESL at that time to INR 4,202.23 crore.

EESL’s manufacturing plans are focused on serving the electric mobility and stationary energy storage markets, where demand for locally produced battery technology is expected to increase alongside the expansion of electric vehicles and energy storage systems.