Exide Industries infuses Rs 180 crore into lithium ion arm, names new CEO

Exide Industries Limited has announced a leadership change and a fresh capital infusion in its wholly owned subsidiary, Exide Energy Solutions Limited, through regulatory filings dated 23 December 2025.

Mandar V Deo resigned as Managing Director and Chief Executive Officer of EESL on 22 December 2025. The EESL board accepted his resignation on the same day. Exide Industries has appointed Pravin Ramchandra Saraf, Executive Director of Exide Industries, as the new Managing Director and CEO of EESL with immediate effect. Saraf was already serving as a non-executive director on the EESL board.

Separately, Exide Industries invested Rs 180 crore in EESL on 23 December 2025 by subscribing to equity shares on a rights basis at Rs 40 per share, including a face value of Rs 10 and a premium of Rs 30. Following the investment, Exide Industries’ shareholding in EESL remains unchanged at 100 per cent.

As per disclosures, Exide Industries’ total investment in EESL stands at Rs 4,202.23 crore. EESL’s paid-up equity share capital after the infusion is Rs 1,354.21 crore, while its net worth stood at Rs 2,738.06 crore as of 31 March 2025. The subsidiary reported a turnover of Rs 116.89 crore and a loss after tax of Rs 209.12 crore in FY 2024-25.

The fresh capital will be used to fund EESL’s greenfield lithium-ion battery manufacturing facility in Bengaluru, which is being developed to produce cells, modules, and battery packs for electric vehicle and stationary energy storage applications.