Johnson Controls International (JC) and the Galla Family have reached an agreement by which Galla Family to acquire 2% equity shares of Amara Raja Batteries from Johnson Controls. JC and Galla family currently hold 26% shares each in the company.
Upon purchase of the 2% shares, Galla family will increase their holding in the company to 28%. Consequently, JC and Galla Family agreed to terminate the shareholders and other allied agreements with effect from April 01, 2019.
Amara Raja Batteries is the flagship company of the group and is engaged in manufacturing of industrial and automotive batteries. The company was first to introduce Valve Regulated Lead Acid (VRLA) batteries with three-year warranty in industrial and automotive applications.
