Exide Energy Solutions Limited (EESL), the battery manufacturing subsidiary of Exide Industries Limited, has announced the appointment of Pravin Ramchandra Saraf as its Managing Director and Chief Executive Officer. The leadership change comes alongside a fresh capital infusion from the parent company to support the subsidiary’s expansion and capacity-building initiatives.
Saraf succeeds Mandar V Deo, who resigned from his role as MD and CEO on December 22, 2025, as disclosed by Exide Industries in a regulatory filing. The appointment was recommended by the Nomination and Remuneration Committee and subsequently approved by the boards of both Exide Industries and Exide Energy Solutions.
Currently serving as Executive Director at Exide Industries, Saraf had earlier been associated with EESL as a non-executive director. His elevation reflects continuity in leadership as the group sharpens its focus on electric mobility and energy storage solutions.
Following the leadership transition, Exide Industries infused ₹180 crore into EESL through a rights issue subscription on December 23, 2025. Under this transaction, EESL allotted 4.5 crore equity shares with a face value of ₹10 each at a premium of ₹30 per share to its parent company. Post-investment, Exide Industries’ total investment in EESL stands at ₹4,202.23 crore, while its shareholding remains unchanged at 100 percent.
Incorporated in March 2022, Exide Energy Solutions Limited focuses on the manufacturing of lithium-ion battery cells, modules, and packs for electric vehicles and stationary energy storage applications. The company is currently developing a greenfield battery manufacturing facility in Bengaluru, which will be partly funded through the recent equity infusion, along with meeting ongoing operational requirements.
As of March 31, 2025, EESL reported a paid-up equity share capital of ₹1,354.21 crore and a net worth of ₹2,738.06 crore. For FY25, the company recorded a turnover of ₹116.89 crore and a loss after tax of ₹209.12 crore, reflecting sustained investments in manufacturing capacity and technology.
Exide Industries disclosed the appointment and capital infusion to the BSE, NSE, and The Calcutta Stock Exchange under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, underscoring the strategic importance of EESL in the group’s long-term growth plans.
