Amara Raja To Acquire Additional Stake Worth Rs 179 Crore In InoBat
Summary
Battery manufacturer Amara Raja Energy and Mobility Ltd. will acquire stake worth Rs 179 crore (20 million euros) in European battery technology company, InoBat AS.The company has acquired additional 4.5% stake in InoBat AS, it said in an exchange filing on Thursday. It is currently developing a battery research and development center and production line in Voderady, Slovakia.The next phase of the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. InoBat has developed prototype batteries and signed framework and commercial agreements with customers. 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," said Vikramadithya Gourineni, executive director of Amara Raja.