Shakti Pumps Charges into EV Market with ₹6 Crore Subsidiary Boost

Shakti Pumps (India) Ltd has made a strategic ₹6 crore investment in its wholly-owned subsidiary, Shakti EV Mobility Private Limited. The step dramatically increases the company's presence in the growing electric vehicle space. The investment, made by way of subscription of 60 lakh equity shares, increases Shakti Pumps' investment in the EV subsidiary to ₹39 crore. Shakti EV Mobility, which was established in 2021, is engaged in producing EV motors and chargers for different kinds of vehicles. This aggressive move coincides with India's movement towards green mobility and makes Shakti Pumps a dominant player in the transition to green energy.

 

Sources: Business Standard, EV Reporter, DSIJ