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Gallas to buy 2% shares from Johnson Controls in Amara Raja Batteries

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(ARBL) announced that International and the Family reached an agreement by which Family would acquire 2% equity shares of the Company from JC and family currently hold 26% shares each in

Upon purchase of the 2% shares, Galla family will increase their holding in to 28%. Consequently, JC and Galla Family agreed to terminate the shareholders and other allied agreements with effect from 01 April 2019.

had an ongoing Technical Assistance agreement entered in the year 1997 with JC and has fully absorbed all critical technologies over the years.

During this period the company has built significant engineering capabilities to independently develop advanced technology for of AGM batteries for motor cycle and commercial segments and tubular batteries for Home segment. Demonstrating Reverse Innovation capability, ARBL has also developed unique products conforming to JC's global customer requirements.

Subsequent to signing license agreement in September 2018, ARBL has received complete and the recently announced capacity expansion project with advanced stamped grid plate making process is progressing as per scheduled timelines. Further, JC will continue to provide to ARBL for an additional period as mutually agreed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 04 2019. 17:18 IST