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Exide Invests ₹4.5 Bn in EESL to Back Bengaluru Gigafactory

By Pratyush Kumar
Lithium-ion battery (Representational Image)
Lithium-ion battery (Representational Image)

Company strengthens its presence in the electric vehicle and energy storage ecosystem

Exide Industries Limited has invested ₹4.5 billion in its wholly owned subsidiary Exide Energy Solutions Limited on rights basis.

EESL allotted 11,25,00,000 equity shares to Exide at a rate of ₹40 per share on rights basis.

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With this investment, the total investment made by the Company in EESL stands at ₹48.02 billion.

EESL is currently setting up a greenfield Lithium-ion gigafactory in Bengaluru focused on lithium-ion battery cells, modules, and packs. The investment is made to support development of project and meet its overall capital and operational funding requirements.

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Pratyush Kumar
Pratyush Kumar
Pratyush Kumar is a senior journalist at EFY covering business, tech, and markets. Pratyush has a background in TV reporting and has a keen interest in electronics and emerging gadgets.

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