Amara Raja Batteries intends to establish a subsidiary for the production of Li-Ion batteries

The creation of a wholly owned subsidiary of the company called “Amara Raja Advance Cell Company” for the production of lithium-ion batteries has been approved by the board of Amara Raja Batteries.

To supply energy storage systems for the electric mobility and stationary storage industries, the proposed wholly-owned subsidiary firm will be involved in the development and manufacture of Advanced Energy Storage Technology Products and solutions, including Lithium-ion cells and battery packs. The same was authorised by the Company’s board of directors at their meeting on November 3, 2022.

In Q2 of FY23, profit before tax increased by 42% to Rs 275.33 crore from Rs 193.42 crore in Q2 of FY22.

An interim dividend of Rs 2.90 has been declared by the firm for each equity share with a face value of Rs 1. The aftermarket and OEM areas of the automotive industry showed the company strong demand.

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