Amara Raja To Acquire Additional Stake Worth Rs 179 Crore In InoBat
The Indian battery manufacturer will complete the acquisition before July 31.
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. The Indian battery manufacturer will complete the acquisition before July 31. The company will acquire the shares at 3.6 euro apiece.
The company earlier held 4.8% stake in the company and post the acquisition, the total stakeholding in the company increases to 9.32%.
InoBat AS is a holding company of InoBat Auto JSA. 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.
"Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s 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.
