Kinetic Engineering Invests Rs 30 Cr in EV Subsidiary

Mumbai, Oct 13 (PTI) Kinetic Engineering Ltd will invest Rs 30 crore in its subsidiary Kinetic Watts and Volts as it looks to focus on expanding research, development, and manufacturing capabilities of the new venture, the company has said.

Pune-based auto component maker Kinetic Energy had in 2022 announced the setting up a subsidiary company to manufacture electric vehicle components such as motors, axles, frames, controllers, and batteries.

"Kinetic Engineering will invest Rs 30 crore into its newly formed electric subsidiary, Kinetic Watts and Volts Ltd. This strategic infusion builds upon the company's initial investment of Rs 18.5 crore, raising the total investment to Rs 48.5 crore," the company said.

"With the latest infusion of capital into Kinetic Watts and Volts Ltd, we are not only reinforcing our commitment to innovation but also taking tangible steps towards a more sustainable future," said Kinetic Engineering Managing Director Ajinkya Firodia.

The investment will enable the company to create efficient, reliable, and advanced electric mobility solutions for its customers in the Indian market, he added.