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Amara Raja Batteries to promote & switch new vitality enterprise to wholly owned arm ARACT for Rs 167 crore consideration – Instances of India

Hyderabad: Industrial and automotive batteries maker Amara Raja Batteries Restricted on Wednesday mentioned its board of administrators has authorised the sale and switch of its new vitality enterprise to its wholly owned subsidiary Amara Raja Advance Cell Applied sciences Pvt Ltd by way of a hunch sale association on a going concern foundation.
The transaction has been performed for a lumpsum consideration of Rs 167.2 crore topic to adjustment as set out within the enterprise switch settlement, ARBL mentioned.
The brand new vitality enterprise of ARBL includes lithium ion cell and battery pack manufacturing, in addition to an R&D pilot plant for prototyping and manufacturing of Li-ion cells.
ARACT is engaged in growing and manufacturing vitality storage and administration merchandise, options and applied sciences associated to superior cell chemistries equivalent to lithium cells, amongst others, and battery packs
The Amara Raja group has already introduced plans to arrange its gigafactory and E-Hub in Hyderabad at an funding of Rs 9,500 crore late final 12 months.
“We’re transferring rapidly in our EV associated enterprise with the gigafactory and E-hub growth work whereas our chargers and packs proceed to see good traction,” mentioned Vikramadithya Gourineni, govt director, new vitality enterprise, Amara Raja group.
In the meantime the corporate mentioned it has posted a 54% bounce in internet revenue at Rs 223 crore for the third quarter ended December 31, 2022, as in comparison with Rs 145 crore on a 11.5% rise in income from operations throughout the quarter at Rs 2,637 crore from Rs 2,365 crore in Q3FY22.

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