Leadership transition at battery subsidiary
Exide Industries Limited has announced the appointment of Pravin Ramchandra Saraf as Managing Director and Chief Executive Officer of its wholly owned subsidiary, Exide Energy Solutions Limited (EESL). Saraf replaces Mandar V Deo, who resigned from the role on December 22, 2025. The appointment was approved by the boards of both Exide Industries and EESL following recommendations from the Nomination and Remuneration Committee.
Saraf currently serves as Executive Director at Exide Industries and was a non-executive director at EESL prior to this appointment, ensuring continuity in leadership as the battery business enters a critical scale-up phase.
₹180 crore equity infusion to support expansion
Alongside the leadership change, Exide Industries invested ₹180 crore into EESL through a rights issue subscription on December 23, 2025. Under the transaction, EESL allotted 4.5 crore equity shares of ₹10 each at a premium of ₹30 per share to the parent company. Following the investment, Exide Industries’ total stake in EESL stands at ₹4,202.23 crore, with shareholding remaining unchanged at 100%.
The capital infusion is aimed at funding EESL’s ongoing projects and operational requirements as it scales lithium-ion battery manufacturing capabilities.
Focus on lithium-ion battery manufacturing
Incorporated in March 2022, Exide Energy Solutions was established to manufacture lithium-ion battery cells, modules, and packs for electric vehicles and stationary energy storage applications. The company works across multiple cell formats, including cylindrical, pouch, and prismatic designs.
EESL is currently developing a greenfield lithium-ion battery manufacturing facility in Bengaluru, which is central to Exide’s strategy to build domestic battery capacity. For FY25, EESL reported a turnover of ₹116.89 crore and a loss after tax of ₹209.12 crore, reflecting ongoing investment and ramp-up costs typical of large-scale cell manufacturing ventures.
The leadership appointment and equity infusion together position EESL for its next phase of growth as India’s EV and energy storage markets continue to expand.
