PG Electroplast arm inks pact with Spiro Mobility

PG Electroplast informed that its wholly owned subsidiary, PG Technoplast has signed a definitive agreement with Spiro Mobility to manufacture electric vehicles (EVs) of Spiro Mobility (Spiro) in India.

The primary responsibility of the company will be setting up and managing the manufacturing facilities for electric vehicles, lithium-ion batteries, and related components. The company was also tasked with procuring parts and raw materials as specified by Spiro.

On the other hand, Spiro Mobility took responsibility for research and development, marketing, sales, and distribution of the EV products manufactured by PG Technoplast.

Vishal Gupta, MD (Finance), PG Electroplast (PGEL) said, The companys entry into EV and Lithium-Ion batteries manufacturing opens up a new horizon of growth for the company and with Partner like Spiro, the company is confident that this association will go a long way and become a sizeable player in the EV market in India.

Kaushik Burman, CEO of Spiro Mobility Said Spiro is Africas largest EV player and we are excited to partner with PG Technoplast for manufacturing the EVs and Lithium-Ion Batteries. The great execution track record, coupled with management's professionalism and execution focus, inspires confidence that the association of PG and Spiro will bring mutual success to each other and expand the EV space in emerging markets further.

PG Electroplast is a trusted one-stop solution provider for Electronic Manufacturing Services (EMS) and contract manufacturing to most leading consumer durable and electronics brands in India. The company has one of the biggest capacities in Plastic Injection molding and has capabilities across the value chain in original equipment manufacturing (OEM) and original design manufacturing (ODM) products like room ACs, washing machines, air-coolers, and LED TVs.

The companys consolidated net profit spiked 56.31% to Rs 19.32 crore on 45.79% increased in revenue from operations to Rs 671.29 crore in Q2 FY25 over Q1 FY24.

Shares of PG Electroplast shed 0.59% to close at Rs 624.95 on Monday, 18 November 2024.

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