Remsons Industries has announced the acquisition of Astro Motors, three wheeler electric vehicle manufacturing company. Astro Motors is engaged in the business of developing and manufacturing of electric vehicles for cargo, loaders, passengers and micro mobility.
Remsons Industries acquires 51.01% stake in Astro Motors for Rs. 14.22 crore, in a mix of Rs. 4.22 crore equity issued on preferential basis and Rs. 10 crore in cash.
Astro Motors with a plant in Chakan (Pune) is one of the few electric three-wheelers with gear technology with one of the highest payload capacities of 747 kgs and 131 kms range. The Astro Navya, a Geared three wheeled EV made by Astro Motors, set the record for the highest motorable road in the world at Umling La Pass in Ladakh, at 19,024 feet. A 10.2 kWh battery powers the three-wheeled cargo vehicle, which has best in-class payload capacity, incline climb and battery range for all weather conditions.
Astro Motors has appointed dealers and expanding its reach across India, is currently actively pursuing to launch passenger EV vehicles in approximately four to six months. With ever growing quick commerce and other E-Commerce business in India, the demand for last mile delivery commercials is very high and expanding year on year.
Rahul Kejriwal, Executive Director, Remsons Industries shared his excitement about the acquisition, “We are thrilled to bring Astro Motors into the Remsons family. This acquisition is an essential step in our journey to grow in a sustainable manner. As we continue to expand our portfolio, we see significant room for growth in this segment and to establish our presence in the rapidly growing electric three-wheeler segment while unlocking new business opportunities.”