Auto component maker Precision Camshafts (PCL) today said it has acquired 51 per cent stake in electric vehicle manufacturer Emoss Mobile Systems for Rs 58 crore.
PCL, through its wholly-owned Dutch subsidiary PCL (International) Holding, acquired 51 per cent equity shares of Emoss Mobile Systems Netherlands for Rs 58 crore, the company said in a statement.
The acquisition has been funded through a combination of loan sanctioned by Bank of Baroda, London and investments made by PCL through its internal generation in PCL Netherlands, according to the release.
"Emoss has visibility to scale business five times in the next four years," it said.
This is the third strategic acquisition by PCL in the last eight months.
"With the strings of recent acquisitions, PCL is now poised for a positive growth trajectory by entering into a niche electric market segment," said Yatin Shah, chairman and managing director, PCL.
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Emoss manufactures and supplies complete integrated electric drivelines for trucks and buses to leading original equipment manufacturers (OEMs) and end-users including DSV, Ferrovial, Geesink Norba, Heineken, Mellor and Waste Management New Zealand.
Shah said this acquisition will not only diversify the company's product portfolio into the non-internal combustion segment, but also add another dynamic and growth oriented segment to its portfolio of acquired companies.
"The electric vehicle market has grown significantly over the past decade with a special emphasis on the commercial electric and niche services segment. We are looking at capturing a major share in this space," he said.