Indian lead-acid battery maker Amara Raja Batteries has opened a new trading base in the United Arab Emirates to expand sales across the Middle East.
The company told the Bombay Stock Exchange its new, wholly-owned subsidiary, Amara Raja Batteries Middle East, will operate from the Sharjah Airport International Free Zone trading in batteries and related products.
The CEO of India’s Amara Raja Batteries said the firm is braced for further hikes in the price of lead into 2018— but that it has “mitigated” the impact through existing contracts.
S Vijayanad said while LME prices had seen “close to 25% growth” over the past year, the industrial and automotive battery maker expects to see lead prices “in the range of $2,400 to $2,500 per metric ton” by next spring.
Indian lead-acid battery maker Amara Raja Batteries is reportedly preparing to branch out into “alternative chemistries” as part of business expansion plans.
Amara chairman Ramachandra N Galla told India’s Business Standard: “We expect to finalise the technologies and the investment plans in a year or two. The work on research, capital costs and partnerships is currently under way.”