China's GSR Ventures To Acquire Nissan's Car Battery Business For USD1 Billion.
With support of Hubei provincial government, GSR Ventures is reportedly close to acquiring Nissan's car battery business for about USD1 billion.
GSR Ventures is reportedly conducting in-depth negotiation with Nissan and it is aiming to acquire a controlling stake in Automotive Energy Supply Corp, a lithium battery maker for electric cars. The two parties are expected to announce the deal soon.
At present, Nissan holds a 51% stake in Automotive Energy Supply Corp; while the remaining stake is owned by NEC.
GSR Ventures said that the establishment of an independent battery supplier will benefit many car makers and the company is considering moving parts of the production of Automotive Energy Supply Corp to Hubei.
Prior to this, Hubei announced plans to invest CNY547 billion in clean energy sector to achieve economic modernization.