Amara Raja invests in European EV battery tech co

Hyderabad: Tirupati-based battery major Amara Raja Group on Wednesday said it has invested Euro 10 million in Norway-based EV tech and batteries maker InoBat Auto AS as part of efforts to get a foothold into the European EV market.
Amara Raja said said in a regulatory filing to the bourses that the Euro 10 million transaction, which is pegged at around EUR 62.5 subscription price per share, includes a subscription of 0.04% equity stake and convertible loan in InoBat Auto AS, Norway
The transaction is expected to be completed within 3 months subject to fulfillment of certain terms and conditions.
The company said the investment will provide it access to cutting edge EV battery technology and manufacturing expertise. It will open up new R&D avenues while allowing it to adapt InoBat’s highly innovative battery technology to markets that it already serves.