Amara Raja Shares Jump on EV Battery Tech Licensing Deal With China's Gotion

Dow Jones06-25

By Kosaku Narioka

Amara Raja Energy & Mobility shares rose sharply after its unit signed a licensing agreement with a subsidiary of China's Gotion High-Tech to produce lithium-ion batteries for electric vehicles in India.

Shares were recently 17% higher at 1,614.95 rupees in early afternoon trading Tuesday after rising as much as 20% earlier.

Amara Raja said after Monday's market close that the Gotion High-Tech unit will license its technology for lithium-ion cells to the Amara Raja subsidiary and that the partnership will accelerate its efforts in setting up a large-scale research and development and manufacturing site in the southern Indian state of Telangana.

Amara Raja has said it will invest INR95 billion ($1.14 billion) to establish the Telangana site to produce lithium-ion cells for EVs and other energy-storage use.

"We firmly believe that India will be one of the fastest growing EV markets," Amara Raja Chairman Jayadev Galla said, adding that the company's expertise in the energy and mobility space and Gotion's technology will be a winning combination.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

June 25, 2024 03:11 ET (07:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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