Gallas to rejig share holdingsAugust 5th, 2008 - 10:50 pm ICT by IANS
Chennai, Aug 5 (IANS) The Galla family, promoters of Rs.14 billion Amara Raja group, is planning to float a holding company in which it can consolidate its equity holdings in six group companies. The six companies are Amara Raja Batteries Ltd, Amara Raja Power Systems Ltd, Amara Raja Electronics Ltd, Mangal Precision Ltd, Galla Foods Ltd and Amara Raja Infra Ltd.
“A final decision on the holding company will be done after evaluating all legal aspects and other implications,” Amara Raja Batteries managing director Jay Galla said.
According to him, the group is targeting a turnover of Rs.50 billion in five years time.
The group is giving new thrust to its foods business under Galla Foods.
Galla Foods recently launched its first branded nectar drink Galla Thick Mango in Andhra Pradesh and select pockets in Chennai.
Amara Raja Electronics manufactures Home UPS (Brand Xenon) while Amara Raja Power Systems is involved in design and development of power electronic products.
According to Galla, Amaraja Batteries will expand its power zone retail outlets to 800 by adding 300 more this fiscal.
He said the company was also planning to make batteries for power electric bikes.
“Automotive original equipment (OE) business contributes approximately 25 percent to the revenues of Amaraja Batteries,” Galla added.
- Exide open to acquiring more firms in home inverter segment - Jul 17, 2012
- Galla Foods launches two fruit beverages - Aug 26, 2009
- Exide Q1 net profit slips 7 percent - Jul 16, 2012
- Exide Q1 net profit slips 7 percent (Lead, superseding earlier story) - Jul 16, 2012
- Ramco Systems launches enterprise software - Jun 15, 2011
- Tafe to invest Rs.1 bn to expand battery capacity - Dec 01, 2010
- Bosch group to invest Rs.2,500 crore in India - Jun 02, 2011
- Numeric Power sells UPS business for Rs.859 crore - Feb 10, 2012
- Kalam unveils Bosch research centre at IISc - Nov 08, 2011
- Eaton in talks with car makers for its superchargers - Sep 06, 2011
- Ruia Group's new focus: Africa - Aug 07, 2011
- BMW to recall nearly 3,000 cars in China - Jul 05, 2012
- Amara Raja Batteries enters two-wheeler segment - May 26, 2008
- TVS group acquires Britain-based firm - Mar 27, 2012
- Kanoria Chemicals to acquire Switzerland-based firm - Apr 20, 2012
Tags: director jay, electric bikes, electronic products, electronics ltd, equity holdings, final decision, foods business, foods ltd, group companies, holding company, mangal, nectar, original equipment, power zone, precision ltd, retail outlets, rs 50, share holdings, six companies, xenon