Consortium with BIEMSYS for EV charger tender in Andhra Pradesh
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Lakshmi Electrical Control Systems board approved forming a consortium with BIEMSYS Private Limited (51:49 ratio) to bid on a tender from New and Renewable Energy Development Corporation of Andhra Pradesh for manufacturing EV chargers and setting up EV public charging stations. The company plans to incorporate a subsidiary with Rs 1 lakh paid-up capital, holding 51 percent via Rs 51,000 equity contribution. The subsidiary incorporation and consortium execution are conditional on winning the tender. This marks the company's entry into the EV charger segment.
Conditional entry into EV chargers; potential growth if tender is won but no immediate material impact since execution depends on tender award.