Automotive battery main Amara Raja Batteries on Friday introduced that it has signed a memorandum of understanding (MoU) with Telangana authorities to setup a analysis and manufacturing amenities for lithium-ion battery. The power shall be arrange at Mahbubnagar district, Telangana.
The corporate plans to speculate over ₹9500 crores, within the subsequent ten years. “Over the subsequent 10 years, the corporate intends to speculate over INR 9500 crores, after essential approvals,” stated Amara Raja Batteries in its regulatory submitting.
The corporate on November 3 had introduced incorporation of a subsidiary referred to as Amara Raja Superior Cell Applied sciences Pvt Ltd.
“Amara Raja has been engaged on Li-ion cell chemistries particularly fitted to Indian subcontinent circumstances, and already provides lithium battery packs and chargers to some 2 and 3-Wheeler OEMs,” stated the corporate in its regulatory submitting.
“This strategic partnership with the Authorities of Telangana is a huge leap for Amara Raja and can deliver within the impetus for improvements in sustainable applied sciences for the entire area, along with producing employment alternatives. We’ve got had an extended affiliation with the state and are excited to lastly have the chance to determine an industrial base right here”, stated Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries.
“Telangana has been a frontrunner in adopting sustainability, and it’s a proud second for the state to welcome the nation’s largest ever funding within the lithium-ion cell manufacturing sector. Our purpose is to turn into probably the most electrified state in India, and having a Gigafactory in Telangana additional strengthens our aspiration to turn into an EV manufacturing hub and spearhead the EV revolution in India,” stated Okay T Rama Rao, Telangana Minister for Industries and Commerce.
The corporate reported a web revenue of ₹109.73 crore within the September quarter . The corporate had reported a web lack of ₹1.82 crore within the year-ago interval. The income from operations jumped over 19 per cent YoY to ₹2,699.46 crore in the course of the quarter.
The corporate scrip ended 1.15 per cent increased at ₹653.15 at BSE on Friday.
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Supply: Live Mint