To manufacture electric conversion kits for vehicles
Salzer Electronics announced that the company 19 July 2021 executed Joint Venture with E-March LLP to manufacture electric conversion kits for vehicles.Salzer would form a wholly owned subsidiary, Salzer EV Infra, which in turn would form a JV named Salzer EMarch E Mobility, in association with EMarch LLP (IndoAustrian technology firm with abundant resource and knowledge in Electric Conversion Kits & power electronics). This JV would be engaged in manufacturing electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles.
The global industry for EVs has been on the rise in the recent past. Stringent emission norms and environmental concerns are expediting the adoption of EVs in various nations. The Government of India is also propagating the awareness and adoption of EVs, and this is likely to open up huge opportunities for the Company.
Salzer, through its wholly owned subsidiary, would hold 26% equity in this JV, while EMarch LLP would hold 22.5%; the rest would be held by other private investors. The total investment in this venture would be Rs. 6 crore.
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