Minda Acquires 26 Per cent Stake in EV Charging Startup

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The investment in the startup is being done through Minda’s wholly owned subsidiary Spark Minda Green Mobility Solutions

Minda Corp and EVQPOINT Solutions have entered into a definitive agreement where the former has announced to acquire 26 per cent equity stake in the latter. EVQPOINT Solutions is a charging solutions startup.

“SparkMinda Group has been investing in new technologies for sustainable growth. Our partnership with EVQPOINT is meant to strengthen the group’s EV Supply Equipment portfolio and offer battery chargers for both onboard and off board configurations in the range of 250 W to 6.6 KW, with a road map for further range expansion,” noted Aakash Minda, Executive Director, Minda Corporation.

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The investment in the startup is being done through Minda’s wholly owned subsidiary Spark Minda Green Mobility Solutions. The agreement between the two entities is bound to make the subsidiary of Minda EVQPOINT’s exclusive technology and manufacturing partner. The agreement spreads across the startup’s battery chargers and EV supply equipment.

“This strategic partnership will allow 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,” noted Minda in a statement.

The company gained 3.69 per cent to Rs 127.70 after the company’s subsidiary Spark Minda Green Mobility Solutions entered into these definitive agreements.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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