Latest News | Spark Minda to Acquire 26 Pc Stake in EV Charging Solutions Startup EVQPOINT

New Delhi, Sep 1 (PTI) Auto components major Minda Corporation Ltd (MCL) on Wednesday said it has entered into definitive agreements for acquiring 26 per cent equity stake in electric vehicle (EV) charging solutions startup EVQPOINT Solutions, through its wholly-owned arm Spark Minda Green Mobility Solutions.

In a regulatory filing, the company said Spark Minda Green Mobility Solutions (SMGMS) will pay consideration for subscription of 26 per cent equity shares capital of EVQPOINT in cash "on mutually agreed valuation".

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The investment will see Spark Minda Group become EVQPOINT's exclusive technology and manufacturing partner for battery chargers and EV supply equipment, MCL said in a statement.

"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 fast charging feature," it added.

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MCL Executive Director Aakash Minda 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 250W 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 lines, technologies and solutions to harness the vast opportunity in electric mobility space in India, he added.

EVQPOINT CEO and co-founder Latif Ameer Babu said,"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."

Founded in 2019, EVQPOINT has an authorised share capital of Rs 10 lakh and paid-up capital of Rs 2 lakh.

It provides a host of products and services related to EV charging such as portable chargers, DC fast chargers, and smart charging stations integrated with charge management system, mobile app, and interoperable tools.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)