Amara Raja Batteries Limited (BSE:500008) agreed to acquire Plastic Component for Battery Business from Mangal Industries Limited for INR on September 26, 2022. The transaction is subject to fulfilment of certain conditions including receipt of approval of shareholders and creditors of Amara Raja Batteries Limited, approval of other regulatory authorities as may be required, including those of the National Stock Exchange of India Limited, BSE Limited, Securities and Exchange Board of India (?SEBI?) and the Hon?ble jurisdictional National Company Law Tribunal (?NCLT?) and any other authority as may be applicable. The Board of Directors of Amara Raja Batteries at its meeting held on September 26, 2022, have approved a Scheme of Arrangement amongst Mangal Industries and Amara Raja Batteries. As of January 25, 2023, Amara Raja Batteries has received no objection from the Stock Exchanges and NCLT process is in progress. Kotak Mahindra Capital Company Limited acted as financial advisor and fairness opinion provider, Transaction Square LLP acted as accountant, J. Sagar Associates acted as legal and due diligence provider and Ernst & Young Global Limited acted as due diligence provider to Amara Raja Batteries Limited.

Amara Raja Energy & Mobility Limited (BSE:500008) completed the acquisition of Plastic Component for Battery Business from Mangal Industries Limited on February 1, 2024.