Hyderabad, June 21 : Amara Raja Energy & Mobility (ARE&M), India’s leading battery manufacturer, said on Thursday it has further invested EUR 20 million, which includes a subscription for an additional 4.5 per cent equity stake in InoBat AS, Norway.
With this, Amara Raja Energy & Mobility Limited’s total holding will be around 9.32 per cent of its equity stake in InoBat AS, including its previous investment of EUR 10 million.
The Slovak company InoBat specialises in the 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 recent times, the company said in a release here.
This investment marks a pivotal step in Amara Raja’s ongoing commitment to advancing sustainable energy solutions and enhancing its footprint in the energy and mobility sectors.
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.
Vikramadithya Gourineni, Executive Director of Amara Raja, stated, “Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals.” (Agencies)
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