Amara Raja to invest in lithium-ion batteries
Amara Raja Batteries on Monday said it has decided to invest in green technologies, including lithium-ion batteries, to capitalise on fast-evolving trends in the energy and mobility sectors.
The company's board has decided to expand its lead-acid batteries business and set up a new 'Energy SBU' encompassing lithium cell and battery pack, EV chargers, energy storage systems, advanced home energy solutions and related products and services, the company said in a statement.
The vital role played by lead-acid technology across a variety of applications provide significant growth opportunities in both domestic and international markets, it added.
On the other hand, the emergence of lithium as an alternative energy storage technology opens up new and exciting growth opportunities, the company noted.
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"After a careful review of the global business opportunities, the company board has decided to future-proof our business by repositioning the firm as an energy and mobility player. The board believes that the company has to invest in a portfolio of businesses to maintain its technological and business leadership," Amara Raja Batteries Vice-Chairman Jayadev Galla said.
Meanwhile, the company said that its Founder Chairman Ramachandra Galla, who steered the company for 36 years, has expressed his decision not to seek reappointment.
He will continue as Director and Chairman till the conclusion of the Annual General Meeting (AGM) in August and thereafter Vice-Chairman Jayadev Galla would assume the role of Chairman, the company said.
The company's board has also appointed S Vijayanand as President – New Energy (business vertical).
Amara Raja is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the country.
It produces automotive batteries under the brands Amaron and Powerzone and supplies to various original equipment manufacturers (OEMs) like Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors.
