Amara Raja Energy and Mobility’s (AERM) scrip gained 6.39 per cent on the Bombay Stock Exchange on Monday to close at ₹1,599.10.
On Saturday, Amara Raja Advanced Cell Technologies (ARACT), a wholly-owned subsidiary of AERM, signed a Memorandum of Understanding (MoU) with Piaggio Vehicles Private Limited, a 100 per cent Indian subsidiary of the Italian auto major Piaggio Group, to develop and supply LFP (Lithium Iron Phosphate) Lithium-Ion (Li-ion) cells and chargers for its electric vehicles along with developing cells and battery packs for their upcoming offerings.
They will be produced locally at Amara Raja’s Gigafactory in Divitipally, Telangana. ARACT also inaugurated the phase 1 of the battery pack plant with a current capacity of 1.5 GWh at Divitipally, Mahabubnagar district.