AgenciesThe company plans to raise the money in two tranches and expects to close the first of $50 million this year.
Sulajja Firodia Motwani, Kinetic Green Energy's chief executive officer, confirmed the plan.
"We are now ready for a giant leap. We see that adoption of electric vehicles is now seeing considerable jump due to higher customer awareness and inclination to consider EVs as their next purchase," Motwani told ET.
If successful, this will be the first external investment in the company which has so far been funded internally by the Kinetic Group.
Motwani said the capital will be used for setting up a manufacturing plant at Supa, Maharashtra.
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Q4 Nos Spring a Surprise, Lift FY23 Growth to 7.2%A stronger-than-expected fourth quarter lifted India’s growth to 7.2% in FY23, exceeding the 7% cited in the second advance estimates released in February, underscoring the country’s economic resilience in the face of multiple challenges.
Sebi Proposes Stringent FPI Ownership Disclosure RulesThe Securities and Exchange Board of India (Sebi) has proposed tighter disclosure requirements for foreign portfolio investors (FPIs) to prevent the misuse of overseas investment routes and curb public shareholding norm violations.
Apple’s India Stores Bear Fruit, Post Sales RecordApple has won a new laurel in India — operating the country’s largest electronics retail store by sales.The iPhone maker’s first two own stores in India have grossed monthly sales of over ₹22-25 crore each, well over two times what could be the highest revenue for an electronics store in the country during non-Diwali period, according to two industry executives aware of the details.
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