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
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more