Kabra Extrusiontechnik added 1.29% to Rs 491.55 after the company's battery division Battrixx announced the acquisition of 100% stake in Pune-based Varos Technology.
Varos Technology pioneers in developing and leveraging IOT tools for EV infrastructure and battery management systems.
Battrixx has been making inroads into the two and three-wheeler EV segment. To facilitate its continuous growth in the overall segment and create a synergy between Battrixx products and services, Varos Technology will anchor its capabilities to develop end-to-end battery management systems by leveraging cloud-based artificial intelligence (AI) driven analytic tools to help predict battery life and monitor battery performance. The machine learning (ML) algorithms will provide constant inputs in adjusting and improving battery performance.
Anand Kabra, vice chairman and managing director, Kabra Extrusiontechnik, said: We are excited to welcome Varos Technology and its capable team into the Battrixx family. The collaboration with Varos Technology follows a recent proposal of Finance Minister Nirmala Sitharaman for the formulation of a battery swapping policy for EV charging stations.
We expect very strong business synergies to be generated through this acquisition. Battrixx's vision of developing and producing green energy systems and solutions for OEMs as well as swapping station operators would be strengthened with strong IOT capabilities and tools of Varos.
Kabra Extrusiontechnik is India's largest manufacturer of plastic extrusion machinery for last more than 4 decades and recently ventured into manufacturing of lithium-ion battery packs.
The company's consolidated net profit rose 50.77% to Rs 8.76 crore on a 69.94% increase in sales to Rs 105.36 crore in Q3 FY22 over Q3 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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