 "Exide Industries invests Rs 100 cr in advanced chemistry battery cell arm")
Battery maker Exide Industries Ltd on Thursday said it has invested over Rs 100 crore in its wholly-owned arm Exide Energy Solutions Ltd, which is into manufacturing of advanced chemistry battery cells.
In a regulatory filing, Exide Industries said it made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis.
There is no change in the shareholding percentage of the company in EESL pursuant to such acquisition, it said.
EESL has a paid up equity share capital of Rs 374.40 crore as on date with net worth of Rs 655.20 crore as on March 31, 2023 and it posted a net loss of Rs 59.81 crore in the year ended March 31, the filing added.
The company is into manufacturing battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic battery cells as well as manufacturing, assembling, selling battery modules, battery packs and other related activities, the company said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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