Amara Raja Batteries Limited (ARBL) announced a plan of arrangement that calls for the demerger of Mangal Industries Ltd (MILplastics )’s component for battery business and the consolidation of the division into ARBL.
“This is in keeping with our theme of consolidating and unlocking synergies as we continue to pursue value accretive growth opportunities that will lead ARBL to the leadership position in the Energy and Mobility space. This step is in alignment with the best interest of our shareholders,’‘ Jayadev Galla, Chairman & Managing Director, ARBL said in a release.
According to Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries, the move “strengthens ARBL’s control of the supply chain and augments our battery recycling initiatives. It also helps us in improving margins by better utilization of manpower
