Exide Industries increase its stake in JV with Swiss firm Leclanche1 min read . Updated: 24 Nov 2020, 08:54 AM IST
- EIL said its further investment is 'to meet the funding requirement, particularly the capital expenditure projects of JVC'
Exide Industries which makes batteries has made an investment of ₹33.17 crore in in its joint venture (JV) with Swiss firm Leclanche.
With this investment, the stake of Exide Batteries increased from 77.87% to 80.15%, the company said in a regulatory filing.
"With the above investment, the equity shareholding of Exide Industries Ltd(EIL) in JVC (joint venture company) stands increased by another 2.28% from 77.87% to 80.15% of the total paid-up share capital," it added.
Exide Industries 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 ₹128.59 crore.
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.
On Monday, the company's scrip on BSE closed at Rs173.40 up by 0.93%.
Exide Industries Ltd posted 3% decrease in its standalone net profit at ₹229 crore for the quarter ending 30 September, 2020. It was ₹237 crore in the year-ago period.
However, standalone revenue from operations rose 5% to ₹2,753 crore as against ₹2,611 crore in September 2019.
Its net worth as on March 31, 2020 was ₹144.98 crore with a turnover of ₹2.19 crore. It posted a loss after tax of ₹18.95 crore for the year ended March 31, 2020.