Remsons acquires 51.01% stake in Astro Motors for INR 14.22 crores

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Remsons Industries Limited, an automotive components manufacturer, has announced the acquisition of a 51.01% stake in electric 3W OEM Astro Motors Private Limited for INR 14.22 crore (a mix of INR 4.22 crore equity issued on a preferential basis and INR 10 crore in cash).

Astro Motors develops and manufactures electric vehicles for cargo, loaders, passengers, and micro-mobility. The company has a plant in Chakan (Pune) and develops electric three-wheelers with gear technology. Its product, Astro Navya, has a payload capacity of 747 kg and a 131 km range. A 10.2 kWh battery powers the three-wheeled cargo vehicle. Astro Motors has appointed dealers and is expanding its reach across India. It is pursuing the launch of passenger electric vehicles in approximately four to six months. According to an official statement, Astro Navya has also set the record for the highest motorable road in the world at Umling La Pass in Ladakh, at 19,024 feet.

Rahul Kejriwal, Executive Director of Remsons Industries, shared his excitement about the acquisition, “We are thrilled to bring Astro Motors into the Remsons family. This acquisition is an essential step in our journey to grow in a sustainable manner. As we continue to expand our portfolio, we see significant room for growth in this segment and to establish our presence in the rapidly growing electric three-wheeler segment while unlocking new business opportunities.”

About Remsons:

Remsons Industries Ltd. is an automotive OEM components manufacturer that has been supplying to 2W 3W, 4W, commercial vehicles, and off-highway vehicles OEMs. Headquartered in Mumbai, Remsons has facilities in Gurgaon, Pune, Pardi, and Daman in India, as well as Stourport and Redditch in England (UK).