Amara Raja Batteries on Wednesday announced plans to invest in InoBat Auto, a European technology developer and manufacturer of premium innovative batteries for E-mobility.
The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region's determined EV push, including in the UK, which is seeing a rising need to address increasing demand for electric vehicles.The investment will also open new R&D avenues for the company while allowing it to adapt InoBat's highly innovative battery technology to the markets that Amara Raja already serves. InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. InoBat is currently developing a battery research and development centre 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
Vikram Gourineni, executive director of Amara Raja Batteries said, We are excited to announce our investment in InoBat. InoBat has proven its capability to develop innovative battery technologies in a short span of time. Its cradle-to-cradle approach supports Amara Raja's own goals on sustainability and will help to taper long-term dependence on the import of critical raw materials. Combining our respective strengths will give Amara Raja a foothold in the booming global EV market. We will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja. We believe this technology can significantly move the needle and accelerate India's own EV ambitions.
Shares of Amara Raja Batteries were trading 1.04% higher at Rs 624.20 on BSE.
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.
On a consolidated basis, the company posted a 28.3% decline in net profit to Rs 144.32 crore on a 17% rise in net sales to Rs 2,264.15 crore in Q2 FY22 over Q2 FY21.
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