Amara Raja ups stake in EU battery co – Times of India

Hyderabad: Amara Raja Energy & Mobility, formerly known as Amara Raja Batteries Ltd, on Thursday informed the bourses that it has stepped up its investment in European battery player InoBat AS Norway. The Tirupati-based battery maker invested another Euro 20 million to hike its stake in InoBat by another 4.5% to around 9.3%. Amara Raja earlier invested Euro 10 million in the company.“InoBat’s cutting-edge battery technology and advanced manufacturing capabilities align seamlessly with Amara Raja’s vision of a greener, more sustainable future, as part of which the company is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year,” the company said. tnn

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