Kabra Extrusiontechnik jumps ~2% as company arm acquires 100% stake in Varos Technology

14 Mar 2022 , 01:45 PM

Kabra Extrusiontechnik Ltd., today announced that its significant arm Battrixx, the leading manufacturer of lithium-ion battery packs for e-vehicles, has acquired a 100 per cent stake in Pune-based Varos Technology Pvt. Ltd. which pioneers in developing and leveraging IoT tools for EV infrastructure and battery management systems.

“We are excited to join hands with Varos Technology and its capable team into the Battrixx family. The collaboration with Varos Technology is the result of a recent proposal of Finance Minister Nirmala Sitharaman for the formulation of a battery swapping policy for EV charging stations. We expect very robust business synergies to be generated through this acquisition. Our 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,” said Mr. Anand Kabra, Vice Chairman and Managing Director, Kabra Extrusiontechnik.

Battrixx is the battery division of Kabra Extrusiontechnik Ltd., a part of Kolsite Group, has been expanding its presence into the two and three-wheeler EV segment. Varos Technology will leverage its capabilities to develop end-to-end Battery Management Systems by using cloud-based Artificial Intelligence (AI) driven analytic tools to help predict battery life and monitor battery performance. The Machine Learning (ML) algorithms will help in adjusting and improving battery performance by providing constant inputs.

Kabra Extrusion Technik is currently trading at Rs494 up by Rs8.7 or 1.79% from its previous closing of Rs485.30 on the BSE. It touched an inytraday high and low of Rs506.95 and Rs475.60 respectively.