Exide Industries Increases Stake In Lithium-Ion JV With Leclanche To 80.15 Per Cent

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  • It has done a further investment of Rs 33.17 crore by way of subscription to equity shares of the JV
  • In June 2018, Exide Industries had announced the signing of a pact with Leclanche SA for setting up a joint venture company, Exide Leclanche Energy Pvt Ltd

Battery maker Exide Industries has announced that it has increased its stake in its joint venture (JV) with Swiss firm Leclanche to 80.15 percent. It has done a further investment of Rs 33.17 crore by way of subscription to equity shares of the JV.

In June 2018, Exide Industries had announced the signing of a pact with Leclanche SA for setting up a joint venture company, Exide Leclanche Energy Pvt Ltd. It would build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market.

Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary

The company said in a regulatory filing that Exide Industries Ltd (EIL) has further invested an amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy Pvt Ltd. It added that with the above investment, the equity shareholding of EIL in JVC (joint venture company) stands increased from 77.87 percent to 80.15 percent of the total paid-up share capital. It added that its further investment is “to meet the funding requirement, particularly the capital expenditure projects of JVC.

The company said that as of date, the paid-up capital of the JV is Rs 128.59 crore. Its net worth as of March 31, 2020, was Rs 144.98 crore with a turnover of Rs 2.19 crore. It posted a loss after tax of Rs 18.95 crore for the year ended March 31, 2020.

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