Endurance Technologies has executed, inter alia, Share Subscription and Purchase Agreement (SSPA) with shareholders of Maxwell Energy Systems (Maxwell), for acquiring 100% of its equity share capital in a phased manner. In accordance with the SSPA, the company expects to complete acquisition of 51% stake in Maxwell during the first quarter of current financial year, through a combination of primary issuance and secondary purchase. The balance 49% shall be purchased in a phased manner in five tranches, spread over five years.
Post the pay-out of the first tranche, Maxwell will be a subsidiary of the Company. The said acquisition will facilitate the group's foray into an EV- centric product line as an early participant to offer BMS to Auto OEMs. It is expected that, as a preferred tier-1 auto component supplier, the Company will effectively leverage its business relationships to further grow the acquired business with its OEM customers.
Endurance Technologies manufactures aluminium casting (including alloy wheels), suspension, transmission and braking products. The company’s products include aluminium casting, which offers high pressure die castings, low pressure die castings, gravity die castings.
