Shakti Pumps invests Rs 390 million in EV mobility subsidiary

Shakti Pumps Limited has invested Rs 390 million in its wholly owned subsidiary, Shakti Electric Vehicle (EV) Mobility Private Limited, by subscribing to 4 million equity shares of face value Rs 10 each. 

The subsidiary will focus on manufacturing, processing, trading, and distributing EV motors and charger controllers.

Shakti EV Mobility, incorporated in December 2021, aims to drive innovation and meet the growing demand for EV components, as automakers focus on battery technology advancements to support electric vehicle adoption.