Amara Raja hikes stake in European battery maker InoBat to over 9% with another $20 million investment - Times of India
Summary
HYDERABAD: Amara Raja Energy & Mobility, formerly known as Amara Raja Batteries Ltd, has stepped up its investment in iEuropean battery player InoBat AS Norway. The Tirupati-based battery maker has invested another Euro 20 million to take its total stake in the Norwegian company to around 9.3%. Amara Raja had earlier invested Euro 10 million in the Norwegian company.Amara Raja said the latest investment marks a pivotal step in its ongoing commitment to advancing sustainable energy solutions and enhancing its footprint in the energy and mobility sector.InoBats cutting-edge battery technology and advanced manufacturing capabilities align seamlessly with Amara Rajas vision of a greener, more sustainable future, as part of which the company is setting up one of Indias largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year, the company said in a regulatory filing.The company is investing over Rs 9,500 crore in setting up Li-ion cell gigafactories as well as battering pack manufacturing facilities in Mahbubnagar in Telangana in addition to a R&D hub near the Shamshabad international airport.Commenting on the investment, Amara Raja executive director Vikramadithya Gourineni said: Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBats 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."