Kabra Extrusiontechnik enters into Share Purchase Agreement with Varos Technology

15 Mar 2022 , 10:55 AM

Kabra Extrusiontechnik Limited has entered into a Share Purchase Agreement with Varos Technology Private Limited (Target Company) and its Shareholders on March 14, 2022, to purchase 100% of the equity of Varos Technology Private Limited for Rs80 lakh.

The Target Company is a technology product and service provider in the field of IoT. focused on building technologies that improve the life and performance of lithium-ion batteries for power electric vehicles and energy storage systems. The company was incorporated on March 22, 2021.

At around 10.58 am, Kabra Extrusion Technik Ltd was trading at Rs488.90 per piece down by Rs0.1 or 0.02% from its previous closing of Rs489 per piece on the BSE.

“Battrixx, the battery division of Kabra Extrusiontechnik Ltd. which is a part of Kolsite Group, has been making inroads into the two and three-wheeler EV segment. 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,” company said about the rationale behind the acquisition on Monday.