Jindal Worldwide through its subsidiary -- Jindal Mobilitric has acquired Mumbai-based electric vehicle start-up Earth Energy EV. In addition, Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad which will supplement the existing Earth Energy manufacturing facility in Maharashtra.
The acquisition will see Jindal Mobilitric take over the indigenously developed technology platform as well as Earth Energy's brands - Glyde SX and the Glyde SX+ -variants of its commuter scooter as well as the -Evolve R and the Evolve S commuter and cruiser motorcycles.
The EV start-up has already appointed distributors across 10 states including - Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa, which will be retained by Jindal Mobilitric. In addition, the company will also add new touch points by strengthening the distributor network in each market.
Jindal Worldwide engages in the manufacture, sale, and export of made ups and fabrics in India.
| Company Name | CMP |
|---|---|
| Welspun Living | 125.45 |
| Vardhman Textiles | 557.75 |
| Arvind | 387.20 |
| K.P.R. Mill | 926.40 |
| Page Industries | 37935.70 |
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