Minda Corporation Limited (MCL), entered into definitive agreements for acquiring 26% equity stake in charging solutions startup EVQPOINT Solutions. The agreement was done through its 100% subsidiary Spark Minda Green Mobility Solutions. The investment will make Spark Minda Group EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment.
Spark Minda currently has a diversified product portfolio that consists of Mechatronics, Information and Connected Systems, Plastics, Interior and Electronics for auto OEMs. These products cater to 2 and 3- wheelers, passenger vehicles, commercial vehicles, off-roaders and aftermarket segments.
Aakash Minda,Executive Director, Minda Corporation, 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 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.”
Latif Ameer Babu, CEO and co-founder of EVQPOINT, said, “We are excited to join hands with Spark Minda, a leading Indian Tier-1 automotive parts brand. 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.”