Endurance Technologies Limited has informed the Exchange about Acquisition of 100% equity shares in Maxwell Energy Systems Private Limited (increase from 61.50% to 100%).
ENDURANCE · price
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Endurance Technologies is buying the remaining 38.50% stake in its subsidiary Maxwell Energy Systems, taking its holding from 61.50% to 100%. The deal involves acquiring 52,749 equity shares at a cash consideration of approximately Rs. 75.01 million. Maxwell designs battery management systems (BMS) for electric vehicles and energy storage solutions, and is based in Bengaluru with customers in India and Europe. Maxwell's revenue grew sharply from Rs. 196 million in FY22 to Rs. 631.1 million in FY24, though it reported a net loss of Rs. 205.3 million in FY24. The transaction is a related party deal executed at arm's length and is expected to close within 45 days, with no regulatory approvals required.
The deal is small in absolute cost (around Rs. 75 million) but gives Endurance full control over a fast-growing but loss-making EV electronics subsidiary, which may help extract synergies in the combined electronics business. The financial impact on Endurance is likely immaterial, but it strengthens its position in the EV/battery management space.