Amara Raja investing €10 million in European electric vehicle battery group
The Hindu
The investment is part of the Energy and Mobility strategy Amara Raja is pursuing to foray into new green technologies and solutions through expansion and investment
Amara Raja Batteries is investing €10 million in InoBat Auto, a European Group focused on research and development in the field of batteries for electric vehicles and production of lithium-ion battery cells as well as tailored and customs cells.
Consisting of a subscription of 0.04% equity stake and convertible loan in InoBat Auto AS, Norway, the investment is part of the Energy and Mobility strategy Amara Raja is pursuing to foray into new green technologies and solutions through expansion and investment.
The initial investment will give Amara Raja a foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being established to support the region’s determined EV push, including in the U.K., which is seeing a rising need to address increasing demand for electric vehicles, the company said in a statement.
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