Amara Raja Energy & Mobility added 1.55% to Rs 1,426.95 after the company has agreed to further invest Euro 20 million, including a subscription for an additional 4.5% equity stake in InoBat AS.
The Slovak company InoBat, specializes in research, development, and production of batteries for electric vehicles custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors, and has shown significant growth in the recent times.The said investment marks a pivotal step in the companys 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 will acquire 4.5% stake at Euro 3.603 per share. The said acquisition will be completed within 31 July 2024, subjective to fulfillment of conditions precedents and other terms agreed in transaction documents.
After this investment, ARE&Ms total holding in InoBat AS will be around 9.32%. It earlier invested 10 m euros.
Vikramadithya Gourineni, executive director, Amara Raja, stated, "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."
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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
