Nissan to sell battery business to Envision Group

Tinuku - Nissan Motor Co plans to sell its battery business to Chinese renewable energy operator Envision Group for an undisclosed amount.

Nissan secured the deal after announcing last month it had canceled a plan to sell the subsidiary, Automotive Energy Supply Corp, and other battery operations to GSR Capital, citing lack of necessary funds on the part of the Chinese investment firm.

Tinuku Nissan to sell battery business to Envision Group

Nissan hopes to complete the sale by next March. Under the agreement, Nissan will take a 25 percent stake in the new entity to be established by Envision.

The carmaker will first take full control of the battery unit by acquiring the 49 percent stake held by Japanese electronics maker NEC Corp and its subsidiary NEC Energy Devices Ltd, and will then sell all the shares to Envision.