Amara Raja Batteries to pick up 11.36% stake in Log 9 for Rs 37 crore

Amara Raja Batteries Limited, as a part of its strategic initiatives, has agreed to invest about Rs 37 crore and for acquiring 11.36 percent stake in Log 9 Materials Scientific Private Limited, a Bengaluru-based battery-tech and deep-tech start-up, the battery maker said on Monday in a filing with stock exchanges. The investment will boost development of indigenous technologies in India's nascent advanced battery sector for fast emerging storage and mobility solutions.

While providing an impetus to the research and development work at ongoing projects of Log 9, ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9's battery and fuel cell technologies, Log 9 said in a statement. Vikramadithya Gourineni, Executive Director at ARBL said the investment is in line with ARBL's plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an 'Energy & Mobility! Enterprise.

"This will mark the first in a series of interesting developments that we plan to execute in the future. We believe that Log 9 has made great progress in developing a range of technologies that will prove very promising in emerging mobility applications. I am confident that both entities can derive significant synergies resulting in mutual long term benefits," he said.