Kinetic Engineering (KEL) has formed a subsidiary company which will focus on the growing EV Market. The new company will be a subsidiary of Kinetic Engineering in which Kinetic Engineering will own more than 51% stake. The company will have an authorized capital of up to Rs 25 crore.
The decision was made in the board meeting of Kinetic Engineering where the company laid a clear focus on the growing EV sector. KEL is developing several products such as axles for electric 3 wheelers, gear boxes for electric 2 wheelers as well as 3 wheelers, frames for electric 2 wheelers, chassis for electric 3 wheelers.
With the explosive growth of electric 2W and 3Ws expected over the next few years, the company sees tremendous opportunities in the EV space and a need to have a very strong focus on exploiting the emerging opportunities quickly. With strong technical knowledge and vast manufacturing experience, Kinetic Engineering now will be able to house the entire EV portfolio including components and assemblies to clearly focus and quickly scale up to exploit the opportunities.
Kinetic Engineering is an India-based company, which is engaged in the manufacturing of auto components.
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