Amara Raja Adds EUR 20 Million Investment to Increase Stake in InoBat
Amara Raja Energy & Mobility (ARE&M) has extended its investment of EUR 20 million, which includes a subscription for an additional 4.5 percent equity stake in InoBat AS, Norway.
June 21, 2024. By Aishwarya
With the above, Amara Raja Energy & Mobility Ltd. total holding will be around 9.32 percent of its equity stake in InoBat AS, including its previous investment of EUR 10 million.
The Slovak company InoBat specializes 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 the recent times.
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 sector. 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, "Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals."
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