New Delhi: Minda Corporation Limited [MCL], through its 100% subsidiary Spark Minda Green Mobility Solutions, on Wednesday entered into definitive agreements for acquiring 26% equity stake in charging solutions startup EVQPOINT Solutions.
The investment will make Spark Minda Group EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment, the auto component maker said in a release.
This strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further bolster its position as a one- stop-shop for comprehensive charging solutions for EVs, including the fast charging feature, it added.
Aakash Minda, executive director, Minda Corporation, said, “ Our partnership with EVQPOINT is meant to strengthen the group’s EV Supply Equipment [EVSE] portfolio and offer battery chargers for both onboard and offboard configurations in the range of 250 W to 6.6 KW, with a roadmap for further range expansion. The group would continue to build capabilities catering the entire EV value chain by developing future-ready product line, technologies and solutions, to harness the vast opportunity in electric mobility space in India.”
Latif Ameer Babu, CEO and co-founder of EVQPOINT, said, “We are excited to join hands with Spark Minda, a leading Indian Tier-1 automotive parts brand. Over the years, Spark Minda Group has established itself as a provider of quality technology and solutions to OEMs around the country. Now, with this partnership we are laying the foundation to assume a leadership position in the rapidly-growing EV charging ecosystem.”
Spark Minda has a diversified product portfolio that encompasses Mechatronics, Information and Connected Systems, Plastics, Interior and Electronics for auto OEMs. These products cater to 2 and 3- wheelers, passenger vehicles, commercial vehicles, off-roaders and aftermarket segments.
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