Amara Raja Batteries has announced that it would set up a 50 MW solar power project worth ₹2.2 billion (~$30.30 million) in Chittoor district, Andhra Pradesh.
The project will help the company reduce the power cost and bring down its carbon footprint. The company will also build a greenfield lead recycling facility at a cost of ₹2.8 billion (~$38.56 million) with 100,000 tons capacity as a part of its lead procurement strategy, Amara Raja Batteries said.
S. Vijayanand, Chief Executive Officer of Amara Raja Batteries, said, “The planned investment in solar and lead recycling facilities will further strengthen our resolve towards a cleaner environment through a sustainable circular economy, and also aid reducing costs and provide long-term support to our key raw material procurement.”
The company reported net revenue of ₹19.60 billion (~$269.97 million) in the third quarter (Q3) of the financial year 2021 (FY21) as compared to ₹17.47 billion (~$240.62 million) in the same period last year. Its profit before tax stood at ₹2.59 billion (~$35.66 million) in Q3 FY21, as compared to ₹2.17 billion (~$29.88 million) in the same period last year, and its earning per share was at ₹11.31 (~$0.16).
Amara Raja Batteries also inaugurated the Advanced Lithium Technology Research Hub, with a pilot project facility for cell development, in Q3 FY21. It secured approval from several original equipment manufacturers and fleet operators for the commercial supply of battery packs.
Jaydev Galla, Vice Chairman and Managing Director of Amara Raja Batteries, said, “The rebounding of the economy is improving the prospects of various market segments, especially those in which we are operating. The Indian Government has recently announced many initiatives and PLI program, which will accelerate the growth of electric-mobility and renewable energy markets. We are assessing the investment opportunities in advanced and futuristic energy storage technologies to address these emerging market segments.”
In June 2020, Amara Raja Batteries entered into an agreement with Gridtential Energy to collaborate on bipolar battery technology. Under the agreement, they intended to assemble and test reference batteries using Amara Raja’s active material and work on the improvements in their life cycle, energy density, efficiency, charging rates, and manufacturability.
Mercom had earlier reported that Amara Raja, in collaboration with Tirupati Municipal Corporation, launched electric vehicle charging stations and battery swapping stations in Tirupati, Andhra Pradesh.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.