Amara Raja Batteries signs MoU with Telangana for lithium-ion battery gigafactory.
Automotive battery major Amara Raja Batteries announced that it has signed a memorandum of understanding (MoU) with Telangana government to setup a research and manufacturing facilities for lithium-ion battery. The facility will be set up at Mahbubnagar district, Telangana.
The company plans to invest over ₹9500 crores, in the next ten years.
Amara Raja Batteries in its regulatory filing, said:
Over the next 10 years, the company intends to invest over INR 9500 crores, after necessary approvals.
The company on November 3 had announced incorporation of a subsidiary called Amara Raja Advanced Cell Technologies Pvt Ltd.
“Amara Raja has been working on Li-ion cell chemistries specifically suited for Indian subcontinent conditions, and already supplies lithium battery packs and chargers to some 2 and 3-Wheeler OEMs,” said the company in its regulatory filing.
Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries, said:
This strategic partnership with the Government of Telangana is a giant leap for Amara Raja and will bring in the impetus for innovations in sustainable technologies for the whole region, in addition to generating employment opportunities.
“We have had a long association with the state and are excited to finally have the opportunity to establish an industrial base here”.
K T Rama Rao, Telangana Minister for Industries and Commerce, said:
Telangana has been a frontrunner in adopting sustainability, and it is a proud moment for the state to welcome the country’s largest ever investment in the lithium-ion cell manufacturing sector.
“Our aim is to become the most electrified state in India, and having a Gigafactory in Telangana further strengthens our aspiration to become an EV manufacturing hub and spearhead the EV revolution in India,”
The company reported a net profit of ₹109.73 crore in the September quarter . The company had reported a net loss of ₹1.82 crore in the year-ago period. The revenue from operations jumped over 19 per cent YoY to ₹2,699.46 crore during the quarter.
The company scrip ended 1.15 per cent higher at ₹653.15 at BSE.
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Amara Raja Batteries Signs Mou with Telangana for Lithium-ion Battery Gigafactory, December 2, 2022
