Business Update21 Jun 2024, 02:42 am
Amara Raja Invests 20mn Euro to Increase Stake in European Battery Tech Company InoBat
AI Summary
Amara Raja Energy & Mobility (ARE&M) has further invested EUR 20mn in InoBat AS, Norway, increasing its total holding to around 9.32% of InoBat's equity stake. InoBat specializes in research, development, and production of batteries for electric vehicles and has shown significant growth. This investment marks a pivotal step in Amara Raja's commitment to advancing sustainable energy solutions and enhancing its footprint in the energy and mobility sector. Amara Raja is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing.
Key Highlights
- Amara Raja Energy & Mobility has invested EUR 20mn in InoBat AS, Norway
- This investment increases Amara Raja's total holding in InoBat to around 9.32%
- InoBat specializes in research, development, and production of batteries for electric vehicles
- InoBat has shown significant growth in recent times
- Amara Raja is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing