Exide Industries Invests Rs 100 Crore In Subsidiary

Exide Industries Ltd. has invested Rs 100 crore in Exide Energy Solutions Ltd. by way of subscription in the equity share capital on a rights basis.

Following this, the total investment made by the company in Exide Energy Solutions stands at Rs 1,680.01 crore. There is no change in the shareholding pattern of the company in Exide Energy Solutions, according to an exchange filing.

Exide Energy Solutions is a fully owned subsidiary of Exide Industries and primarily focuses on manufacturing battery cells, assembling, and selling battery modules and battery packs.

The subsidiary also plans to set up a plant for manufacturing and selling lithium-ion battery cells, modules and pack businesses, the filing said.

Exide Industries has settled the trademark dispute with U.K.'s Vertiv Company Group Ltd. and India's Vertiv Energy Pvt. before the High Court of Delhi on Nov. 17.

According to the agreement, VCGL and VEPL have agreed that the trademark Chloride and its variants in India are registered in the name of Exide, according to an exchange filing.

VCGL and VEPL will not make use of the trademark Chloride in India, either directly or indirectly, and will take back all its claims over the mark, the filing said.

Shares of Exide Industries closed 1.22% higher at Rs 285.35 apiece, as compared with a 0.42% rise in the benchmark BSE Sensex.