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Brookfield reconsidering investment in Amara Raja, may explore sale

Updated : August 29, 2019 03:53 PM IST

Canadian fund Brookfield Asset Management is reconsidering its involvement in Amara Raja Batteries, which could lead to an exit, people familiar with the matter told CNBC-TV18.

Brookfield owns 24 percent of Amara Raja and became associated with the Indian maker of batteries thanks to a larger global deal with Johnson Controls International Plc. The re-evaluation of ties with Amara Raja comes amid technology uncertainty after the Indian battery-maker terminated its shareholder agreement with Johnson Controls, its technology partner since 1997, earlier this year, said the people, requesting anonymity.

“Pursuant to our Clarios acquisition, we acquired 24 percent of the public shares of Amara Raja Batteries Ltd, a leading manufacturer of energy storage solutions for the automotive and industrial end markets. Today, we are actively evaluating our involvement with Amara Raja - and assessing how best to position Clarios’ future participation in the Indian market," Brookfield said in a Securities and Exchange Commission filing.

When CNBC-TV18 reached out to Brookfield, it declined to comment beyond what has been stated in the filing. An email sent to Amara Raja Batteries remained unanswered.

Analysts have questioned Amara Raja’s ability to continue to upgrade technology, especially in the auto segment to be ahead in the competition. “We are factoring in the uncertainty over Amara Raja’s future technical capabilities and are revising down its price-earnings ratio to 18 times forecasted earnings for the 12-months till Q1FY21, from 22 times earlier, even as Exide trades at 22 times Q1FY21 earnings forecast," according to an Edelweiss Securities Ltd report.

Published : August 29, 2019 11:27 AM IST

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