Exide Industries increases stake in JV with Leclanche to 80.15%

Battery maker Exide Industries on Monday said it has increased stake in its joint venture (JV) with Swiss firm Leclanche to 80.15 per cent with 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 signing of a pact with Leclanche SA for setting up a joint venture company, Exide Leclanche Energy Pvt Ltd, to build lithium-ion batteries and provide energy storage systems for India's electric vehicle market.

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, the company said in a regulatory filing.

"With the above investment, the equity shareholding of EIL in JVC (joint venture company) stands increased from 77.87 per cent to 80.15 per cent of the total paid-up share capital," it added.

EIL said its further investment is "to meet the funding requirement, particularly the capital expenditure projects of JVC".

The company said that as on date, the paid up capital of the JV is Rs 128.59 crore.

Its net worth as on 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.