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Minda Corp rises after subsidiary inks partnership to grow EV footprint

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Minda Corporation gained 3.69% to Rs 127.70 after the company's subsidiary Spark Minda Green Mobility Solutions entered into definitive agreements for acquiring 26% equity stake in charging solutions startup EVQPOINT Solutions.

The investment will see Spark Minda Group become EVQPOINT's exclusive technology and manufacturing partner for battery chargers and EV supply equipment.

As per the agreement, Spark Minda Green Mobility Systems (SMGMS) has agreed to subscribe for allotment of at least 26% of the equity share capital of the EVQPOINT and EVQPOINT agreed to issue and allot the said equity shares on mutually agreed terms & conditions.

SMGMS and EVQPOINT have also entered into technology license agreement (TLA) and joint collaboration & technical assistance agreement. This partnership with EVQPOINT is meant to strengthen the Spark Minda 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.

EVQPOINT provides smart electric vehicle charging products and solutions indigenously designed and developed, to meet the growing needs of eMobility market. EVQPOINT is a one-stop solution for electric vehicle portable chargers, DC fast chargers, and smart charging stations integrated with charge management system, mobile app, and interoperable tools.

This strategic partnership will position Spark Minda to capitalize on the accelerating shift to electric mobility and further bolster its position as a one stop shop for comprehensive charging solutions for EVs including fast charging feature.

Aakash Minda, executive director, Minda Corporation, said, "Spark Minda Group has been investing in new technologies for sustainable growth. 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."

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint.

The company recorded a consolidated net profit of Rs 7.11 crore in Q1 FY22 as against a net loss of Rs 35.40 crore in Q1 FY21. Net sales surged to Rs 558.63 crore in the first quarter from Rs 177.96 crore recorded during the previous quarter ended June 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 02 2021. 10:37 IST