Lords Automotive acquires 100% stake in Devam Electric Vehicles
The deal will boost Lords Automotive s technological capabilities to design and manufacture world class e-vehicles Lords Automotive will redesign the current e-rickshaw model of Devam Electric and relaunch it in October 2021. (Representative image) BusinessToday.In
Updated Aug 04, 2021, 2:24 PM IST
Lords Automotive Pvt Ltd has acquired a 100% stake in Ahmedabad-based Devam Electric Vehicles Pvt Ltd, manufacturers of e-rickshaws and e-autos, it said in a statement. Lords Automotive will take over the assets and patents of Devam Electric Vehicles with this deal.
The acquisition will enable Lords Automotive, a subsidiary of Lord s Mark Industries Pvt Ltd, to leverage advanced technological solutions to design and manufacture world-class e-vehicles. The company will also bolster its manufacturing capacities on a pan-India basis with access to a broader Original Equipment Manufacturers (OEMs) base.