Evergrande Health Industry acquired a majority stake in Shanghai CENAT New Energy, an automobile battery maker for $156m.

Evergrande Health Industry Group acquired a majority stake in Shanghai CENAT New Energy, an automobile battery maker based in China. Under terms of transaction Evergrande will pay 1.06bn yuan ($156m), as it pieces together its electric vehicle production chain. The healthcare firm will buy the stake of 58.07% in Shanghai CENAT New Energy from electrical instruments maker Shenzhen Clou Electronics, it told the Hong Kong stock exchange in a filing late. The deal comes a week after the unit of property developer China Evergrande Group said it would pay $930m for a 51% stake in National Electric Vehicle Sweden (NEVS), as it diversifies into the new-energy automotive industry. Shanghai CENAT, which turns out pouch-type batteries, has four major production bases in the commercial hub of Shanghai, the nearby east coast province of Jiangsu, the southeastern province of Jiangxi and southern Guangxi.