French battery manufacturer Saft acquires 49% stake in Amco Noor Arora
French battery manufacturer Saft, a unit of Total, has announced the acquisition of the remaining 49 per cent stake in its Indian joint venture Amco at an undisclosed sum. With this, the company plans to establish its Indian subsidiary Saft India and reinforce its partnership with Indian industries. With euro 745 million business, Saft was recently acquired by Total for $1.1 billion. Saft partnered with Indian Space Research Organisation (ISRO) in 1977 for the launch of the first Indian satellite. Saft has associated with India in the launch of 67 satellites thereafter. All Saft batteries used for propelling satellite to the orbit and backup power for the satellite to function for a long time in harsh and unknown conditions. Saft is providing back up power for continuity to over 16,000 Reliance Jio base stations in India –winning euro 27 million (Rs 2.25 billion).