Amara Raja Batteries to invest in InoBat; aims to gain foothold in the thriving European EV ecosystem
Amara Raja Batteries Limited, India’s leading industrial and automotive battery major, announced plans to invest in InoBat Auto which is a European technology developer and manufacturer of premium innovative batteries for E-mobility. InoBat specializes 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.
There are multiple battery giga-factories set up to support Europe's determined EV push, including in the UK, which is witnessing a rising need to cater to increasing demand for electric vehicles. The initial investment is likely to give Amara Raja a key foothold in the thriving European EV ecosystem. The investment will also make available 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.
In early 2021, Amara Raja Batteries had laid out its ambitions in the green technology space as part of its bold ‘Energy and Mobility’ strategy. With this new investment, the company will be able to access the expertise that would help deploy the required technologies for the manufacture of batteries for E-Mobility applications.
Despite the news, the stock is trading flat at Rs 621.90, which is 0.66 per cent up on BSE. Watch out for this stock in Wednesday's trading session.