Sharda Motor climbs over 11 per cent post entering into JV with Kinetic Group

One of the leading automotive component manufacturing groups in India, Sharda Motor Industries Ltd have entered into a joint venture with Kinetic Green Energy & Power Solutions Limited, a Kinetic Group company to develop battery packs with Battery Management System (BMS) for electric vehicles & stationery applications.  

This JV agreement would undertake design, development & assembly of lithium‐ion battery packs along with BMS. As the demand for electric vehicles are expected to rise, the main focus of the company will be to develop battery packs for the rapidly growing electric vehicle market in India and other segments of energy storage applications.  

The company has inked a technical collaboration with Indian Institute of Technology, Madras (IIT-M); under which, the research & development centre of IIT-Madras will provide technology for Li‐ ion battery energy storage for electric 2-wheelers, 3-wheelers, and other small electric vehicles to the JV.  

The JV, where Sharda Motor will hold a majority of the equity will set up a state‐of‐the‐art manufacturing facility in Pune, which is expected to be operational by the third quarter of FY22.   

At 10.13 am on Thursday, the share price of the company was trading 11.40 per cent higher at Rs 509.00 on BSE.  

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