Exide Energy Solutions Limited (EESL), the battery manufacturing arm of Exide Industries, has appointed Pravin Ramchandra Saraf as its managing director and chief executive officer, alongside a fresh capital infusion from the parent company to support expansion plans.
The appointment follows the resignation of Mandar V Deo, who stepped down as MD and CEO on December 22, Exide Industries said in a regulatory filing. Saraf takes charge with immediate effect.
Saraf is currently an executive director at Exide Industries and had been serving as a non-executive director on the board of EESL prior to his elevation. The appointment was recommended by the nomination and remuneration committee and approved by the boards of both Exide Industries and Exide Energy Solutions, the company said.
A day after announcing the leadership transition, Exide Industries invested Rs 180 crore in EESL through a rights issue subscription. The subsidiary allotted 4.5 crore equity shares of Rs 10 each at a premium of Rs 30 per share to the parent company. Following the transaction, Exide Industries’ total investment in EESL stands at Rs 4,202.23 crore, while its ownership remains unchanged at 100%.
EESL was incorporated in March 2022 to manufacture lithium-ion battery cells, modules and packs for electric vehicles and stationary energy storage applications. The company is currently developing a greenfield manufacturing facility in Bengaluru, which the latest equity infusion will help fund, along with meeting operational requirements.
As of March 31, 2025, EESL reported a paid-up equity share capital of Rs 1,354.21 crore and a net worth of Rs 2,738.06 crore. The company posted a turnover of Rs 116.89 crore in FY25 and a loss after tax of Rs 209.12 crore, reflecting continued investment in capacity building.
Exide Industries disclosed the appointment and investment to the stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, signalling a renewed leadership focus as the group scales its electric mobility and energy storage ambitions.