Minda Corporation Limited [MCL], through its 100% subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring 26% equity stake in charging solutions startup EVQPOINT Solutions. The investment will see Spark Minda Group, become EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. This strategic partnership will position Spark Minda to capitalize on the accelerating shift to electric mobility and further bolster its position as a one stop shop for comprehensive charging solutions for EVs including fast charging feature.
Aakash Minda, Executive Director, Minda Corporation, said, “Spark Minda Group has been investing in new technologies for sustainable growth. Our partnership with EVQPOINT is meant to strengthen the group’s EV Supply Equipment [EVSE] portfolio and offer battery chargers for both onboard and offboard configurations in the range of 250 W to 6.6 KW, with a roadmap for further range expansion. The group would continue to build capabilities catering the entire EV value chain by developing future-ready product line, technologies and solutions, to harness the vast opportunity in electric mobility space in India.”
Latif Ameer Babu, CEO & Co-founder of EVQPOINT, said, “We are excited to join hands with Spark Minda, a leading Indian Tier-1 automotive parts brand. Over the years, Spark Minda Group has established itself as a provider of quality technology and solutions to OEMs around the country. Now, with this partnership we are laying the foundation to assume a leadership position in the rapidly-growing EV charging ecosystem.”