Shakti EV Mobility, incorporated on 16 December 2021, is engaged in the manufacturing of electric vehicle (EV) motors for two-wheelers, three-wheelers, four-wheelers, and special-purpose electric vehicles, along with the production of chargers for EVs. The company is headquartered in India, with a reported turnover of Rs 4.30 crore as of 31 March 2024.
The primary purpose of the investment is to support the initiation and expansion of Shakti EV Mobility’s business operations. The investment will be made through the acquisition of equity shares in the subsidiary.
Notably, no government or regulatory approvals are required for the investment, as Shakti EV Mobility is a wholly owned subsidiary of Shakti Pumps (India). The acquisition does not fall under the category of Related Party Transactions, and as such, the arm's length principle is not applicable.
Shakti Pumps (India) is engaged in manufacturing of pumps, motors, & their spare parts. The core products of the company are engineered pumps, industrial pumps, solar pumps, etc.
The company’s consolidated net profit surged 130.3% to Rs 104.05 crore in Q3 FY25 as against Rs 45.19 crore posted in Q3 FY24. Revenue from operations jumped 30.9% YoY to Rs 648.77 crore in the quarter ended 31 December 2024.
The scrip slipped 2.75% to settle at Rs 821.90 on the BSE.