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New Delhi: Minda Company Restricted [MCL], by way of its 100% subsidiary Spark Minda Inexperienced Mobility Options, on Wednesday entered into definitive agreements for buying 26% fairness stake in charging options startup EVQPOINT Options.
The funding will make Spark Minda Group EVQPOINT’s unique expertise and manufacturing associate for battery chargers and EV provide tools, the auto part maker stated in a launch.
This strategic partnership will place Spark Minda to capitalise on the accelerating shift to electrical mobility and additional bolster its place as a one- stop-shop for complete charging options for EVs, together with the quick charging function, it added.
Aakash Minda, govt director, Minda Company, stated, “ Our partnership with EVQPOINT is supposed to strengthen the group’s EV Provide Tools [EVSE] portfolio and supply battery chargers for each onboard and offboard configurations within the vary of 250 W to six.6 KW, with a roadmap for additional vary growth. The group would proceed to construct capabilities catering your complete EV worth chain by growing future-ready product line, applied sciences and options, to harness the huge alternative in electrical mobility area in India.”
Latif Ameer Babu, CEO and co-founder of EVQPOINT, stated, “We’re excited to hitch fingers with Spark Minda, a number one Indian Tier-1 automotive elements model. Through the years, Spark Minda Group has established itself as a supplier of high quality expertise and options to OEMs across the nation. Now, with this partnership we’re laying the muse to imagine a management place within the rapidly-growing EV charging ecosystem.”
Spark Minda has a diversified product portfolio that encompasses Mechatronics, Data and Related Programs, Plastics, Inside and Electronics for auto OEMs. These merchandise cater to 2 and 3- wheelers, passenger automobiles, business automobiles, off-roaders and aftermarket segments.
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