Amara Raja Energy & Mobility’s shares saw a notable increase following the announcement of a new partnership. Here are the details:
Key Highlights
- Share Price Movement: Amara Raja Energy & Mobility’s shares were up by 3.32% in early trading on August 12, reaching ₹1,553.05.
- New Partnership: The company signed a Memorandum of Understanding (MoU) with Piaggio Vehicles. This agreement involves Amara Raja Advanced Cell Technologies (ARACT), a wholly owned subsidiary of Amara Raja Energy & Mobility.
- MoU Details: Under the MoU, Amara Raja will collaborate with Piaggio India to develop and supply Lithium Iron Phosphate (LFP) Lithium-Ion cells and chargers for Piaggio’s Electric Vehicles (EVs). The cells and battery packs will be produced locally at Amara Raja’s Gigafactory in Divitipally, Telangana.
Ongoing Collaboration
- Past Achievements: Since 2020, Amara Raja and Piaggio India have been working together to transform the transportation sector. Amara Raja has supplied 50,000 NMC Li-ion battery packs and EV chargers exclusively to Piaggio India. These components have collectively powered over 120 crore kilometers of travel.
As of 10:30 AM the shares were trading 4.86% higher at ₹1,579.00
