Amara Raja to invest Rs 650 million to increase capacity

Chennai, Aug 14 (UNI) Industrial and Automotive Battery major Amara Raja Batteries Limited today announced an investment of Rs 650 million to enhance its industrial VRLA Battery capacity.

The proposal in this regard was approved by the Board of Directors at the Board Meeting held today, according to a company release here.

Speaking after the Board Meeting,Company Managing Director Jayadev Galla said "our capacity expansion plans are in line with the increasing demand we foresee in the industrial battery segment, especially from the telecom and UPS sectors. The capacity addition will happen in phases and we are looking to fund this with internal accruals and term loans." The company's move to increase the liquidity of its stock through a stock split from Rs ten face value to Rs two, proposed at the last Board Meeting, was also approved by the shareholders.

UNI