Exide Industries Ltd has invested an additional INR 100 crore in its lithium-ion battery arm, Exide Energy Solutions Ltd (EESL), through equity subscription. This brings the company’s total investment in EESL to INR 3,702.23 crore.
With the current investment, EIL shareholding in EESL remains unchanged at 100%.
EESL, incorporated in March 2022, is focused on manufacturing and selling lithium-ion battery cells, modules, and packs for electric vehicles and stationary storage applications in India. The fresh capital will support the development of its 12 GWh greenfield lithium-ion cell manufacturing facility in Bengaluru and meet other funding requirements. Commercial production from Phase I of the facility is expected to start by the end of the current fiscal FY 2025-26. Phase-1 will include four production lines with a planned capacity of 6 GWh.
Exide has partnered with SVOLT, a lithium-ion cell manufacturer, on advanced li-ion cell technology. SVOLT is supporting the company with turnkey solutions for setting up the manufacturing facility.
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