Exide Industries (EIL) said that it has invested Rs 99.99 crore in its wholly owned subsidiary, Exide Energy Solutions for greenfield project in Bengaluru.
Exide Energy Solutions (EESL) is engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications. Its turnover was Rs 239.14 crore in FY24.EESL has allotted 2,77,77,777 equity shares of Rs 10 each at a premium of Rs 26 per share aggregating to Rs 99,99,99,972.
The company has invested in EESL on a right basis to establish green field plant in Bengaluru for manufacturing & selling lithium ion battery cells, modules and pack batteries.
With this investment, the total investment made by the Company in EESL stands to Rs 3,152.24 crore. EIL shareholding in EESL remains unchanged at 100%.
Exide Industries is primarily engaged in the manufacturing of storage batteries and allied products in India.
The company reported 3.75% rise in net profit to Rs 297.77 crore on 3.91% rise in revenue from operations to Rs 4,267.30 crore in Q2 FY25 over Q2 FY24.
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