Exide Industries additional invests almost Rs 40 cr in superior chemistry battery cells making arm

Battery maker Exide Industries Ltd on Wednesday stated it has additional invested almost Rs 40 crore in its wholly-owned arm superior chemistry battery cells producer Exide Power Options Ltd. The funding of Rs 39,99,99,975 has been made by means of subscription within the fairness share capital of Exide Power Options Ltd (EESL), on rights foundation, Exide Industries stated in a regulatory submitting.

“With this funding, the entire funding made by the corporate in EESL stands at Rs 1,965 crore. There is no such thing as a change within the shareholding share of the corporate in EESL pursuant to such an acquisition,” it added.

EESL is within the strategy of organising a plant for manufacturing and promoting lithium-ion battery cells, modules and pack enterprise.

The additional capital infusion is to fund the greenfield venture and meet numerous funding necessities of EESL, the corporate stated.

EESL is into manufacturing battery cells of superior chemistry and type issue, together with however not restricted to cylindrical, pouch, prismatic, in addition to manufacturing, assembling, promoting battery modules, battery packs and different associated actions, the corporate stated.