Amara Raja Batteries to sell & transfer new energy business for 167 Crore

Amara Raja Batteries Limited, a manufacturer of industrial and automotive batteries, announced on Wednesday that its board of directors had approved the sale and transfer of its new energy business to its wholly owned subsidiary Amara Raja Advance Cell Technologies Pvt Ltd through a slump sale arrangement on a going-concern basis. According to the business transfer agreement, adjustments may have been made to the transaction’s lump sum price of Rs 167.2 crore, ARBL said.

All India EV Monthly Magazine
Lithium-ion cell and battery pack production, as well as an R&D pilot plant for Li-ion cell prototype and production, are all part of ARBL’s new energy business.┬áRegarding sophisticated cell chemistries like lithium cells, among others, and battery packs, ARACT develops and manufactures energy storage and management products, solutions, and technology. Late last year, the Amara Raja company made intentions to invest Rs 9,500 crore in Hyderabad to build its gigafactory and E-Hub.

“We are moving quickly in our EV-related business with the gigafactory and E-hub development work while our chargers and packs continue to see good traction,” said Vikramadithya Gourineni, executive director, of new energy business, Amara Raja group.

The third quarter of 2022 concluded on December 31. The company reported a 54% increase in net profit to Rs 223 crore from Rs 145 crore on an 11.5% increase in operating revenue to Rs 2,637 crore from Rs 2,365 crore in Q3FY22.

 

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