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Exide Industries invests Rs 750 million in EESL for Bengaluru greenfield plant
Industry News- Aug 21,24
EESL, incorporated on March 24, 2022, is dedicated to advancing India's lithium-ion battery production capabilities.
Exide Industries Ltd. has invested around Rs 750 million in its wholly-owned subsidiary, Exide Energy Solutions Ltd. (EESL), to establish a greenfield plant in Bengaluru. This investment was made through a rights issue, acquiring 20.8 million shares at a premium of Rs 26 per share, according to a recent exchange filing.
With this latest infusion, Exide's total investment in EESL now stands at Rs 26.52 billion. The funds will be utilized by EESL to set up the plant and support its various funding needs. The new facility will focus on manufacturing and selling lithium-ion battery cells, modules, and packs, primarily for India's growing electric vehicle market and stationary applications.
EESL, incorporated on March 24, 2022, is dedicated to advancing India's lithium-ion battery production capabilities.
In related financial news, Exide Industries reported a 15% increase in net profit for the first quarter of the current financial year, reaching Rs 2.8 billion, although this fell short of analyst expectations.
(NDTVProfit)
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