Amara Raja to invest in Europe-based InoBat Auto
Amara Raja Batteries NSE -0.54 % on Wednesday said it plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility.
In a regulatory filing on December 28, Amara Raja had noted that the initiative would entail a total investment of 10 million Euros, which includes subscription of 0.04 per cent stake and convertible loan in InoBat Auto AS, Norway.
The initial investment will give the company a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, a company statement said.
