Amara Raja Batteries has revealed its plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility.
Amara Raja said in a regulatory filing that the initiative would entail a total investment of 10 million Euros, which includes subscription of 0.04 per cent stake and convertible loan in InoBat Auto AS, Norway.
In a statement, the company said the initial investment will give the company a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push.
