Amara Raja Batteries will invest ten million euros in InoBat Auto, a company based in Norway; stock is up 2%.
Amara Raja Batteries Limited has agreed to invest in InoBat Auto AS, Oslo Norway (holding company of InoBat Auto JSA, Banska Bystrica, Slovak Republic, collectively referred to as ‘Group’) in one or more tranches as part of its strategic initiatives to venture into New-Energy Business and EV Batteries, and has executed the necessary ‘Transaction Documents’ on December 27-28, 2021 with InoBat Auto AS, Norway (IST & CET time zones).
The company also has the freedom to join in InoBat Auto’s further fundraising and subsequent listing on a stock exchange, regulated market, or multilateral trading facility for up to Euro 10 million.
Amara Raja Batteries Ltd was trading at Rs630.60 per piece at roughly 9.30 a.m. on the BSE, up Rs12.80 or 2.07% from its previous close of Rs617.80 per piece.
“The Group specializes in the pioneering research, development, manufacture, and provision of premium innovative electric batteries and EV batteries solutions, custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors,” company said in a filing on Tuesday.