Amara Raja Batteries & Telangana govt sign MoU for lithium-ion battery

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The company intends to invest Rs 9,500 crore in the region over the next 10 years

Amara Raja Batteries has signed a memorandum of understanding (MoU) with the government of Telangana for the state’s first lithium-ion battery-making gigafactory, the company said in a release on December 2.

The proposed facility located in the Mahbubnagar district will have a lithium cell gigafactory with an ultimate capacity of up to 16 GWh and a battery pack assembly unit of up to 5 GWh.

The company intends to invest Rs 9,500 crore in the region over the next 10 years. “Over the next 10 years, the company intends to invest more than Rs 9,500 crore ($1.2 billion) after necessary approvals," it stated.

The company's stock was trading at Rs 657.35, up Rs 11.60, or 1.80 percent on the BSE at 3 pm. It has touched an intraday high of Rs 658.10 and an intraday low of Rs 645.25.

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