Gurgaon, Uttar Pradesh
manufacturer, Spark Minda, is exploring opportunities to enter the electric
vehicle component space. A top official from Spark Minda said that the company
is looking at buyouts that can be closed before FY22 ends.
Executive Director, Group Finance and Strategy, Spark Minda, said that the
company has Rs 5 billion for M&A or investment in new product lines. The
company’s management said that it is sufficiently funded and isn’t looking for
fundraising initiatives now.
Gurgaon-based Spark Minda, formerly known as the Minda Group, supplies parts to
Bajaj Auto, TVS Motor Company, Revolt, Ola Electric and some start-ups.
Spark Minda is
developing a complete EV component kit for electric two-wheelers consisting of
sensors, a central cluster, DC/DC converter, locking system, charger and
telematics. It will be worth Rs 25,000-30,000.
The company also
has a 100% subsidiary called Spark Minda Green Mobility Solutions engaged in
battery, battery management systems, motor and motor controller supplies.
Source – Moneycontrol
Image Source: Spark Minda Website