Exide pumps another ₹100 crore into battery arm ahead of gigafactory launch
What's the deal? Exide IndustriesDealroom has a profile for this one. Try Dealroom → has invested a further ₹99,99,99,980 (about $11.6 million) into its wholly owned subsidiary, Exide Energy SolutionsDealroom has a profile for this one. Try Dealroom → Limited (EESL). The July 15, 2026 infusion lifts the parent's cumulative investment in the unit to ₹4,902.23 crore.
How it's structured: Exide subscribed to 2,85,71,428 equity shares on a rights basis, keeping its 100% stake intact. The tranche draws from a ₹1,400 crore ceiling the board previously authorised for release in stages.
Why now? The money supports the final stages and imminent commercial rollout of EESL's greenfield lithium-ion cell gigafactory in Bengaluru. This is the latest in a rapid sequence of top-ups, signalling a steady drawdown as the plant nears production.
What's the endgame? The Bengaluru facility is designed for 12 GWh of capacity, with a 6 GWh Phase 1, and targets commercial production by the end of 2027. It will make both prismatic and cylindrical cells in LFP and NMC chemistries, serving electric vehicles and stationary storage under a technology partnership with SVOLT.
By the numbers: EESL reported turnover of ₹157.56 crore and a loss after tax of ₹248.16 crore for the year ended March 31, 2026 — reflecting the heavy upfront cost of advanced chemistry cell infrastructure. Its net worth stood at ₹3,991.06 crore, with paid-up equity capital of ₹1,532.78 crore.
What could go wrong? Exide is building as a "non-PLI" player, having missed status under the central government's Advanced Chemistry Cell Production Linked Incentive scheme despite prior battery experience. That leaves it without the subsidies flowing to rivals, even as it commits billions of rupees to a market it must fund alone.
The signal: Exide is part of a growing pipeline of non-PLI firms contributing to a projected 178 GWh of Indian capacity under development. With India near-fully dependent on Chinese imports — China controls 98% of global NMC cathode active material production — domestic cell manufacturing is becoming a strategic priority, whatever the near-term losses.
Read more: vyqon.in
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