Amara Raja Energy & Mobility hikes stake in InoBat to 9.32%

Amara Raja Energy & Mobility on Thursday said it has acquired an additional 4.5 per cent stake in electric vehicle battery maker InoBat for 20 million euros (nearly Rs 180 crore).

With the latest investment, the company's total holding will be around 9.32 per cent of its equity stake in InoBat AS, including its previous investment of 10 million euros, Amara Raja Energy & Mobility Ltd said in a statement.

"Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat's innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions," Amara Raja Executive Director Vikramadithya Gourineni said.

Slovakia based InoBat, specialises in research, development, and production of batteries for electric vehicles custom-designed to meet the specific requirements of global mainstream and specialist original equipment manufacturers (OEMs) within the automotive, commercial vehicle, motorsport, and aerospace sectors, the statement said.

This investment marks a pivotal step in Amara Raja's ongoing commitment to advancing sustainable energy solutions and enhancing its footprint in the energy and mobility sector, the company said.