Amara Raja Batteries
has signed an agreement with Johnson Controls to launch new battery technologies in India, the company said in a press statement to the exchanges on Wednesday after market hours.
As per technology collaboration agreement, Amara Raja will license Johnson Controls' proprietary PowerFrame grid technology. This patented technology is up to 66% more durable and more corrosion resistant to other grid designs, the company added.
Both the companies will share and improve product design and manufacturing technologies enabling higher performance across Starting, Lighting and Ignition (SLI), Enhanced Flooded Batteries (EFB) and Absorbent Glass Mat (AGM) batteries, Aramra Raja said.
Amara Raja Batteries ended at Rs737.15, down by Rs8.8 or 1.18% from its previous closing of Rs745.95 on the BSE.
The scrip opened at Rs739.15 and has touched a high and low of Rs746.75 and Rs716.85, respectively. Total 6,53,985 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs12,591.44cr.