New Delhi [India], Battery maker Amara Raja Energy and Mobility, the parent company of Amaron, has acquired a stake worth Rs 170 million (€20 million) in Norwegian battery manufacturing company InoBat AS, the company reported. company to the stock market in a statement.
Amara Raja Energy and Mobility reported that it will acquire around 4.5 percent of the shares of InoBat AS and after the acquisition, the company's stake will increase to 9.32 percent.
"Amara Raja Energy & Mobility (ARE&M) has further invested €20 million, which includes a subscription to an additional 4.5 percent stake in InoBat AS, Norway. With the above, Amara Raja Energy & Mobility's total stake "Mobility Limited will hold around 9.32 percent of its stake in InoBat AS, including its previous investment of €10 million," the company said in its statement.
Slovakian company InoBat AS specializes in research, development and production of electric vehicle batteries custom designed to meet the specific requirements of leading global and specialized original equipment manufacturers (OEMs) within the automotive, commercial vehicle, motorsports and aerospace, and has shown significant growth. in the last 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 cutting-edge, sustainable energy solutions. Together, we aim to accelerate the transition to mobility and contribute significantly to global sustainability goals," said Vikramadithya Gourineni, CEO of Amara Raja.
The company also reported that it is setting up one of India's largest gigafactories for manufacturing lithium-ion battery cells and packs, the first phase of which is scheduled to come online this year.
The company's shares rose over 2 per cent during the opening session on Friday and are standing at Rs 1,430 at the time of filing this report.
Amara Raja Energy and Mobility reported that it will acquire around 4.5 percent of the shares of InoBat AS and after the acquisition, the company's stake will increase to 9.32 percent.
"Amara Raja Energy & Mobility (ARE&M) has further invested €20 million, which includes a subscription to an additional 4.5 percent stake in InoBat AS, Norway. With the above, Amara Raja Energy & Mobility's total stake "Mobility Limited will hold around 9.32 percent of its stake in InoBat AS, including its previous investment of €10 million," the company said in its statement.
Slovakian company InoBat AS specializes in research, development and production of electric vehicle batteries custom designed to meet the specific requirements of leading global and specialized original equipment manufacturers (OEMs) within the automotive, commercial vehicle, motorsports and aerospace, and has shown significant growth. in the last 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 cutting-edge, sustainable energy solutions. Together, we aim to accelerate the transition to mobility and contribute significantly to global sustainability goals," said Vikramadithya Gourineni, CEO of Amara Raja.
The company also reported that it is setting up one of India's largest gigafactories for manufacturing lithium-ion battery cells and packs, the first phase of which is scheduled to come online this year.
The company's shares rose over 2 per cent during the opening session on Friday and are standing at Rs 1,430 at the time of filing this report.
