MIC Electronics looking to enter domestic EV ecosystem this fiscal – ET Auto

Hyderabad-headquartered MIC Electronics Limited (MICEL) on Monday said it is looking to aggressively enter the domestic EV ecosystem in the ongoing fiscal amid plans to revitalize its existing business lines. The EV foray is in lines with the company’s strategy of growing the business efficiently through diversification, it said in a release.

MIC Electronics was taken over by a new management team back in June last year.

As a part of the strategic upcoming focus on the EV-enablement segment in India, MICEL has now decided to actively venture into the manufacturing of all kinds of EV batteries, including Li-ion batteries, the company said.

With the newly-established batteries division, MIC Electronics plans to ensure a topline delivery of Rs 45-60 crores by this fiscal end, it said, adding that the company is already in final-stage of talks with a few existing players in the domestic market to expand into areas like EV charging and servicing, among other allied areas.

The company has already picked up a stake in an e-2W company that deals into the multi-brand EV dealership business, MIC Electronics said.

Among the key verticals that the company aims to scale include LED display boards, Railways PIS and displays, among others.

Simultaneously, MIC has also planned to enter the EV-enabling space in India in a very aggressive way, in lines with its strategy of growing the business efficiently through diversification.

“The e-mobility ecosystem in India is growing at an unprecedented pace, and hence the need has exponentially grown of late for large-scale EV-tech enablement and cutting-edge tech solutions and supporting infrastructure development on this front,” said Kaushik Yalamanchili, Managing Director, MIC Electronics Limited.

“Going forward, as MIC continues to explore opportunities for growth, both organically and inorganically, in the EV-enabling ecosystem, we will also in parallel strengthen our successfully-established business lines,” Yalamanchili added.

The company looks forward to increasing the number of railway stations for its Annual Maintenance Contracts (AMCs) with IRCTC from 38 to 68 by the end of the current fiscal, Yalamanchili added.

Source link

Related Articles

Back to top button