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The board of directors of Amara Raja Batteries has approved a proposal to set up a greenfield automotive battery plant with an investment of Rs 700 crore.
“The board of directors at its meeting on August 11, 2018, reviewed and approved a proposal for setting up a greenfield automotive battery plant with a capacity of 6.5 million units per annum to be implemented in three phases, staggered over a period of time,” Amara Raja Batteries said in a BSE filing today.
Once the project is completed, the capacity of four-wheeler battery will increase to 17 million units per annum.
Total investment of the project is estimated at Rs 700 crore and the same would be met out of internal accruals. The first phase is expected to be completed in the next 18 months, the filing added.
Amara Raja Batteries posted 13.19 per cent rise in net profit at Rs 113.03 crore during the first quarter of 2018-19 against a net profit of Rs 99.85 crore in the April-June quarter of the previous year. The company shares were trading up 0.76 per cent at Rs 830.20 on the BSE.
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