Representative Image
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Motovolt Acquires Stakes Worth 1 Mn Euros In German Company EROCKIT AG
The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement
Topics
Electric Vehicles | two-wheeler makers
Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore).
The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement.
"The deal with eROCKIT is going to make a major impact on the Indian markets, and transform the two-wheeler segment. Our aim is to benefit from eROCKIT's knowhow to develop relevant product solutions for Indian consumers," Motovolt Founder & CEO Tushar Choudhary said.
Motovolt intends to redefine the electric motorcycle category in India by significantly boosting user experience through usage of eROCKIT's technology platform such as their futuristic drivetrains and the excellence of German engineering, he added.
"We will also be focusing on extensively manufacturing eROCKIT's products domestically under the 'Make in India' initiative and setup a global footprint for sales and distribution of our products globally," Choudhary said.
eROCKIT AG Chairman Andreas Zurwehme said, "The investment accelerates eROCKIT's expansion plans as a vehicle manufacturer and technology provider. It's a strong signal for our shareholders. We are open to further investors.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, March 24 2023. 16:43 IST
RECENT NEWS
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more