Kinetic Engineering Limited (KEL), which has revolutionized the two-wheeler industry and transformed itself into a manufacturer of automotive components, has announced the establishment of a subsidiary which will focus on the growing electric vehicle market. The new company will be a subsidiary of Kinetic Engineering Limited in which Kinetic Engineering Limited will hold more than 51% of the capital. The company will have an authorized capital of up to INR 25 crore.
The decision was taken at the Kinetic Engineering Limited board meeting, where the company had a clear focus on the growing electric vehicle sector. KEL develops several products such as axles for 3-wheel electric, gearboxes for 2-wheel and 3-wheel electric, chassis for 2-wheel electric, chassis for 3-wheel electric. With the explosive growth of 2W and 3W electric expected over the next few years, the company sees huge opportunities in the electric vehicle space and the need to focus very strongly on quickly exploiting emerging opportunities. With strong technical knowledge and extensive manufacturing experience, Kinetic Engineering Limited will now be able to house the entire EV portfolio, including components and assemblies, to focus clearly and scale quickly to exploit opportunities. .
Speaking on the development, Mr. Ajinkya Firodia, Managing Director of Kinetic Engineering Limited, said, “Sales of 2W Electric over the past L year have crossed 356,000 units and 3W Electric have crossed 223,000 units. ! Also on a global scale, discussions are ongoing with all major players. on electrification. Such a rapid pace of change from IC vehicles to electric vehicles requires very clear and strong direction and we are pleased to announce the establishment of the new subsidiary with the clear objective of being part of the mobility growth story. electric. With 50 years of heritage in manufacturing and marketing automobiles, Kinetic must explore all avenues of growth potential in the segment.As an innovation-driven company, Kinetic Engineering Limited has always focused on the major automotive trends and in line with this strategy, KEL has decided to create this subsidiary so that dedicated resources and funds can be deployed to evolve the right strategy for a sustainable and expansive long-term future.”
Currently, the company is developing new products for electric mobility. He recently finalized orders for the development of chassis and other parts for manufacturers of electric mopeds and landed an order for a gearbox for a leading 3-wheeler manufacturer. Last year the company celebrated its 50th anniversary.
Shares of KINETIC ENGINEERING LTD. was BSE’s latest trade at Rs. 86.75 from the previous close of Rs. 97.30. The total number of shares traded during the day was 57,354 in over 461 trades.
The stock hit an intraday high of Rs. 97.15 and intraday low of 80.65. Net turnover during the day was Rs. 5037727.00.
Source: Stock market bulls