Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 13, 2004 |
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Corporate
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Announcements Amara Raja bags Maruti order Our Bureau
Mr. Jayadev Galla, Managing Director, Amara Raja Batteries Ltd, flanked by Mr Praveen S. Rao, Head, Automotive OE (left), and Mr Gopal Mahadevan, Chief Finance Officer, at a press conference in Chennai on Tuesday. — Shaju John
Chennai , Oct. 12 MARUTI Udyog Ltd has agreed to buy batteries for its cars from Amara Raja Batteries Ltd. "It is expected that the agreement should see Amara Raja supply 1,00,000 batteries to Maruti over the next twelve months," according to a press release from the battery producer. At a press conference here on Tuesday, officials of Amara Raja could not give an idea of the value of the order as it depends on the type of battery bought. However, they said the volume of business would grow beyond one lakh units in the coming years. The company is in the process of scaling up its automotive batteries manufacturing capacity at its Tirupati plant to 1.5 million units a year from one million now. The company is an exclusive OE supplier to DaimlerChrysler, Ford and Swaraj Mazda. It also supplies to Ashok Leyland, General Motors, Hindustan Motors, Mahindra & Mahindra and Tata Motors. It is a joint venture between Indian promoters - the Galla family and Johnson Controls of the US. Both partners have 26 per cent stake each. The company is examining a proposal to set up an assembly line for two-wheeler batteries and a decision could be taken by March, officials said.
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