V-Guard Industries’ Board has approved the acquisition of a minority stake (18.77%) in Gegadyne Energy Labs (GEL) for a cash consideration of Rs. 33.4 crore.
V-Guard envisages start-up collaboration as one of the routes to participate in emerging technologies and building product capabilities for fueling future growth. GEL investment is a stepping-stone in this direction and signifies V-Guard's willingness to move into cutting edge technology space and its growing focus on creating disruptions in established businesses. V-Guard foresees potential in GEL's alternative battery technology for various primary applications like DUPS / Energy storage in addition to secondary applications in other products of its existing portfolio.
V-Guard industries manufactures a range of products namely voltage stabilizers, pumps, electric water heaters, solar water heaters, cables, UPS, ceiling fans, etc.
