Gurgaon, Uttar Pradesh
Auto parts manufacturer, Spark Minda, is exploring opportunities to enter the electric vehicle component space. A top official from Spark Minda said that the company is looking at buyouts that can be closed before FY22 ends.
Aakash Minda, Executive Director, Group Finance and Strategy, Spark Minda, said that the company has Rs 5 billion for M&A or investment in new product lines. The company’s management said that it is sufficiently funded and isn’t looking for fundraising initiatives now.
The Gurgaon-based Spark Minda, formerly known as the Minda Group, supplies parts to Bajaj Auto, TVS Motor Company, Revolt, Ola Electric and some start-ups.
Spark Minda is developing a complete EV component kit for electric two-wheelers consisting of sensors, a central cluster, DC/DC converter, locking system, charger and telematics. It will be worth Rs 25,000-30,000.
The company also has a 100% subsidiary called Spark Minda Green Mobility Solutions engaged in battery, battery management systems, motor and motor controller supplies.
Source – Moneycontrol
Image Source: Spark Minda Website
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