EV chargers foray via new subsidiary with BIEMSYS consortium
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Lakshmi Electrical Control Systems plans to incorporate a new subsidiary as a 51:49 consortium with BIEMSYS Private Limited to manufacture EV chargers and set up public EV charging stations. The move targets a tender floated by New and Renewable Energy Development Corporation of Andhra Pradesh. The new entity will start with paid-up capital of Rs 1 lakh, with the company putting in Rs 51,000 for its 51 percent stake. Actual incorporation and equity infusion are conditional on the company winning the tender.
Pushes Lakshmi Electrical into EV charging infrastructure but contingent on winning the Andhra Pradesh tender, so near-term impact depends on bid outcome.