Waaree Technologies enters BTA for purchase of lithium battery bizz

23 Dec 2022 , 12:36 PM

Waaree Technologies Limited informed that it has entered into a Business Transfer Agreement with Waaree ESS Private Limited for the purchase/acquisition/slump purchase of the Lithium Battery Business Undertaking.

This includes all its assets and liabilities including the concerned licenses, permits, consents, approvals and the employees, as a going concern/on a slump sale basis on ‘as is where is basis’. However, the transaction is subject to approval of the shareholders.

WESS is in the business of producing Lithium-Ion (Li-Ion) batteries and cells, as well as various other types of batteries and cells.

Both the seller and the company, both members of the Waaree Group of Companies, are interested in streamlining business operations so that the primary business segment, namely the Lithium Battery Business Undertaking, is undertaken by respective teams with the capability and bandwidth to control, run, and expand the respective business, stated the company in an exchange filing.

The total cash consideration agreed upon by the parties is Rs 19.75 lakh, with a portion of that amount offset against the parties’ receivables and payables.

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