Exide Industries Limited has announced a leadership change at its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), along with a fresh equity infusion to support the company’s lithium-ion battery manufacturing plans.
Mandar V Deo stepped down as Managing Director and Chief Executive Officer of EESL with effect from December 22, 2025. The Board has appointed Pravin Ramchandra Saraf as the new MD and CEO with immediate effect. Saraf currently serves as Executive Director at Exide Industries and was earlier a non-executive director on the board of EESL. His appointment followed recommendations from the Nomination and Remuneration Committee and the boards of both the parent company and the subsidiary.
In a parallel development, Exide Industries invested Rs 180 crore in EESL through a rights issue on December 23, 2025. Under the transaction, EESL allotted 4.5 crore equity shares of face value Rs 10 each at a premium of Rs 30 per share to its parent. Following the investment, Exide Industries’ cumulative investment in the subsidiary stands at Rs 4,202.23 crore, while its ownership remains unchanged at 100 percent.
EESL was incorporated in March 2022 to focus on the manufacturing and sale of lithium-ion battery cells, modules and battery packs for electric vehicles and stationary energy storage applications. The company works across multiple advanced battery formats, including cylindrical, pouch and prismatic cells.
The subsidiary is currently developing a greenfield battery manufacturing facility in Bengaluru. The latest capital infusion is intended to fund this project and support ongoing operational requirements as the company scales its manufacturing capabilities.
As of March 31, 2025, Exide Energy Solutions 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, compared with Rs 239.14 crore in FY24 and Rs 112.05 crore in FY23, following the merger with erstwhile group entity Exide Energy Private Limited. The subsidiary reported a loss after tax of Rs 209.12 crore for FY25.
Exide Industries disclosed both the leadership transition and the equity investment to stock exchanges in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
For Pravin Saraf, the shift from overseeing a stable parent enterprise to leading a capital-intensive energy venture is a defining risk leadership moment, where success will hinge not just on scaling factories, but on anticipating technology bets, capital cycles and execution risks before they surface on the balance sheet.
