Exide Industries Invests ₹180 Cr in EESL on Dec 23, Appoints New CEO
Exide Industries made a strategic equity investment of ₹180 crores in its wholly-owned subsidiary EESL on December 23, 2025, increasing total investment to ₹4,202.23 crores. The company also announced a leadership change with Pravin Ramchandra Saraf replacing Mandar V Deo as MD & CEO of EESL following the latter's resignation on December 22, 2025.
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Exide Industries has announced a substantial equity investment of ₹180.00 crores in its wholly-owned subsidiary Exide Energy Solutions Limited (EESL) on December 23, 2025, along with a significant leadership transition following the resignation of the previous CEO on December 22, 2025.
Major Equity Investment in Energy Solutions Unit
Exide Industries invested ₹180.00 crores through subscription in the equity share capital of EESL on a rights basis on December 23, 2025. This latest investment significantly increases the company's total stake in its energy solutions subsidiary to ₹4,202.23 crores.
| Investment Details: | Amount |
|---|---|
| Current Investment: | ₹180.00 crores |
| Total Investment in EESL: | ₹4,202.23 crores |
| Shareholding Percentage: | 100% (unchanged) |
| Share Allotment: | 4.50 crore equity shares |
The investment involved allotment of 4.50 crore equity shares of ₹10.00 each at a premium of ₹30.00 per share. Despite this substantial investment, there is no change in the shareholding percentage of the company in EESL.
Leadership Transition Following CEO Resignation
EESL witnessed a significant leadership change with the resignation of Mandar V Deo, Managing Director & Chief Executive Officer, on December 22, 2025. The Board of Directors of EESL approved the appointment of Pravin Ramchandra Saraf as the new Managing Director & Chief Executive Officer with immediate effect on December 22, 2025.
| Leadership Change: | Details |
|---|---|
| Outgoing MD & CEO: | Mandar V Deo |
| New MD & CEO: | Pravin Ramchandra Saraf |
| DIN: | 10137023 |
| Previous Role: | Executive Director, EIL |
| Appointment Date: | December 22, 2025 |
Saraf, who serves as Executive Director of Exide Industries Limited and was a non-executive Director of EESL, brings his experience from the parent company to lead the subsidiary's operations during this transition period.
About Exide Energy Solutions Limited
EESL, incorporated on March 24, 2022, operates in the manufacturing and selling of lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications. The subsidiary is currently establishing a greenfield plant at Bengaluru for its lithium-ion battery manufacturing operations.
| EESL Financial Highlights: | As of March 31, 2025 |
|---|---|
| Paid-up Equity Share Capital: | ₹1,354.21 crores |
| Net Worth: | ₹2,738.06 crores |
| Turnover: | ₹116.89 crores |
| Loss After Tax: | ₹209.12 crores |
Business Focus and Strategic Investment
EESL's business encompasses manufacturing battery cells of advanced chemistry and form factors, including cylindrical, pouch, and prismatic batteries, as well as manufacturing, assembling, and selling battery modules and packs. The current equity investment in EESL on a rights basis is intended to fund the greenfield project at Bengaluru and meet various funding requirements for the subsidiary's expansion in the lithium-ion battery manufacturing sector.
| Historical Performance: | Turnover |
|---|---|
| FY 2024-25: | ₹116.89 crores |
| FY 2023-24: | ₹239.14 crores |
| FY 2022-23: | ₹112.05 crores |
Historical Stock Returns for Exide Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.78% | +0.92% | +1.02% | -4.54% | -12.20% | +100.19% |
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