Exide Industries Ltd has reinforced its commitment to India’s lithium-ion battery manufacturing sector by investing Rs 180 crore (~$20.04 million) in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue. Following this latest infusion, Exide Industries’ total investment in EESL now stands at Rs 4,202.23 crore (~$467 million), maintaining full ownership of the subsidiary.
EESL, incorporated in March 2022, focuses on the manufacture and sale of lithium-ion battery cells, modules, and packs for electric vehicles and stationary storage applications in India. The subsidiary is currently developing a greenfield multi-gigawatt lithium-ion battery cell manufacturing facility on 80 acres in Bengaluru, with the latest equity infusion supporting both ongoing operations and this strategic project.
Leadership Update
In a key management move, Pravin Ramchandra Saraf has been appointed as Managing Director and CEO of EESL, succeeding Mandar V Deo. Saraf, currently Executive Director at Exide Industries and previously a non-executive director at EESL, was recommended by the Nomination and Remuneration Committee and approved by the boards of Exide Industries and EESL.
Industry Context and Market Outlook
India added 48.4 MWh of energy storage capacity in the first half of 2025, a 74% decline from the previous year, reaching a cumulative 490 MWh by June 2025, according to Mercom India Research. Lithium-ion batteries continue to dominate due to their high energy density, long life, efficiency, and fast power delivery. The Ministry of Power has also mandated 20% local content for battery energy storage systems under the viability gap funding program, highlighting government support for domestic manufacturing.
Internationally, sodium-ion batteries are emerging as an alternative technology, particularly for India’s two- and three-wheeler EV segment, with adoption expected to begin around 2026, according to the International Renewable Energy Agency (IRENA).
Financial Performance
As of March 31, 2025, EESL had a paid-up equity capital of Rs 1,354.21 crore and a net worth of Rs 2,738.06 crore, reporting a turnover of Rs 116.89 crore in FY 2024–25 and a loss after tax of Rs 209.12 crore.
With the fresh capital infusion, leadership strengthening, and continued focus on its Bengaluru facility, Exide Industries is positioning EESL to scale up lithium-ion production and support India’s rapidly growing electric mobility and stationary energy storage markets.
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