Amara Raja invests €20 million to increase stake in InoBat

Amara Raja Energy & Mobility (ARE&M), India’s leading battery manufacturer, has invested a further €20 million, including the subscription of an additional 4.5% stake in Norway’s InoBat AS. Together with the above investment, Amara Raja Energy & Mobility Limited’s total shareholding will reach approximately 9.32% of its stake in InoBat AS, including its previous investment of €10 million.

Slovak company InoBat specializes in the research, development and production of electric vehicle batteries, which are custom-designed to meet the specific requirements of global mainstream and specialty OEMs in the automotive, commercial vehicle, motorsport and aerospace sectors, and has achieved significant growth in recent years.

This investment marks a key step in Amara Raja’s ongoing commitment to advance sustainable energy solutions and expand its presence in the energy and mobility sectors. InoBat’s cutting-edge battery technology and advanced manufacturing capabilities align perfectly with Amara Raja’s vision for a green, sustainable future, as part of which the company is setting up one of India’s largest lithium-ion cell and battery pack manufacturing gigafactories, with the first phase scheduled to be commissioned this year.

Vikramadithya Gourineni, Executive Director, Amara Raja, said: “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 provide sustainable and cutting-edge energy solutions. Together, we are committed to accelerating the transition to electric vehicles and making a significant contribution to the global sustainable development goals.”