New Delhi [India], June 21 : Battery manufacturer Amara Raja Energy and Mobility, the parent company of Amaron has acquired Rs 170 crore (20 million euros) stake in Norwegian battery manufacturing company InoBat AS, the company informed the exchange in a filing.
Amara Raja Energy and Mobility informed that it is acquiring around 4.5 per cent stake in InoBat AS and after acquisition, the stake of the company will increase to 9.32 per cent.
"Amara Raja Energy & Mobility (ARE&M) has further invested EUR 20mn, which includes a subscription for an additional 4.5 per cent equity stake in InoBat AS, Norway. With the above, Amara Raja Energy & Mobility Limited's total holding will be around 9.32 per cent of its equity stake in InoBat AS, including its previous investment of EUR 10mn," the company said in its filing.
The Slovak company InoBat AS specializes in research, development, and production of batteries for electric vehicles custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors, and has shown significant growth in the recent times.
"Our investment in InoBat AS underscores our commitment to being at the forefront of the energy revolution. InoBat's innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals" said Vikramadithya Gourineni, Executive Director of Amara Raja.
The company also informed that it is setting up one of India's largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year.
The shares of the company surged more than 2 per cent during the opening session on Friday trading and stands at Rs 1430 at the time of filing this report.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor