Gallas to rejig share holdings

August 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.

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