Amara Raja Energy & Mobility added 2.06% to Rs 1658.90 after the company said that its wholly owned subsidiary Amara Raja Advanced Cell Technologies (ARACT) will be signing a memorandum of understanding (MoU) with Ather Energy.
Ather Energy is an electric vehicle manufacturer. The company has also established a public charging network, called the Ather Grid, which is designed and built in India. Ather has installed 1900 fast chargers across 200 cities as of March 2024.
As part of the MoU, Amara Raja will collaborate with Ather to develop and supply NMC (nickel manganese cobalt) and LFP (lithium iron phosphate) Lithium-Ion (Li-ion) and other advanced chemistry cells, produced locally at their upcoming gigafactory in Divitipally, Telangana.
Amara Raja recently entered into an agreement with Gotion-InoBat-Batteries (GIB) that will facilitate it to localise current global LFP technology for making Lithium-Ion cells specifically suited for Indian conditions. The company also has an agreement with Jiangsu Highstar Battery Manufacturing Co. for NMC technology.
With India focused on clean and green energy, the automotive industry is witnessing a big transition towards electric vehicles (EVs), particularly in the two-wheeler segment. Industry projections point towards EV 2W penetration to reach 40% by 2030.
Vikramaditya Gourineni, executive director, Amara Raja Energy & Mobility, said: We immensely respect Athers contribution to electrify mobility in India and their unique approach to overall eco-system development for sustainable personal mobility solutions.
At Amara Raja, we have significantly progressed in our efforts to building world-class facilities to manufacture cell and battery packs customised for Indian conditions. Our recent collaboration with Gotion-InoBat will accelerate our efforts towards the same.
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We are proud to partner with Ather and together we will focus on building market relevant solutions in Indias journey towards indigenisation of Electric Vehicle technologies.
Amara Raja Energy & Mobility (formerly known as Amara Raja Batteries) is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. The company's industrial battery brands comprise PowerStack, AmaronVolt and Quanta. The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large pan-India sale & service retail network.
The companys consolidated net profit jumped 30.9% to Rs 229.78 crore in Q4 FY24 as compared with Rs 175.60 crore in Q4 FY23. Revenue from operations increased by 19.5% to Rs 2,907.86 crore in Q4 FY24 as compared with Rs 2,433.24 crore posted in same quarter last year.
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