Magenta acquires majority stake in EV charger and component manufacturer Axiom

Electric vehicle charging solutions company Magenta has made an investment into EV component manufacturer Axiom Energy Conversion Limited, acquiring a majority stake in the 25-year-old Hyderabad based company.

As per a company statement, Axiom is India’s largest selling EV charger brand in the e-Rickshaw segment, with a manufacturing capacity of 6,50,000 charger units per annum. Its customers include multiple leading EV original equipment manufacturers and retailers. Along with the chargers, the company also makes DC converters for the EV industry.

Speaking about his investments in Axiom, MD of Magenta – Maxson Lewis, said, “We are amazed at a depth of knowledge and manufacturing capability in AC-DC conversion that Axiom has developed. It was only recently that our joint discussion turned into an investment and partnership.”

M J Purohit, MD of Axiom said, “We intend to become the largest standalone component supplier for Chargers, DC-DC converters and Motor Drives in the country and with the association of Magenta we are very well placed to capture this burgeoning market space.”

With this partnership, the companies are looking to jointly develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, converters, motor controllers and drive train components. The investment also enables Magenta to have a large in-house manufacturing facility for its EV Charging equipment.