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.
"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.
You may also like
Deepening Canada-India standoff seen as a short-term boost for Modi, Trudeau
Five children and mum killed in horror house fire as they slept while Doctor dad leaped to safety
Georgia kicks off early voting with record-breaking 2,50,000 ballot casts
Meghan Markle's story about marrying into Royal Family clashes with Mike Tindall's claim
BJP sets in motion process to elect new party chief
What you see first in this optical illusion reveals how creative you are
Man City deadline for Pep Guardiola decision emerges after secret England talks
Old rare penny coin worth staggering £150k – but it must feature certain detail
Gary Lineker sympathizes with Arne Slot after Liverpool boss raises concern
Sarah Ferguson's 10-word remark about Meghan Markle amid Royal Family feud
Man's 'amazing' cleaning hack as he transforms dirty rug and makes it look brand new
The paradox of liberal arts education in India – and how to fix it
Chairperson of JPC on waqf bill violating norms, say oppn MPs
ADM found dead a day after being accused of graft
World Food Day 2024: The First Millet Cafe In Chhattisgarh Praised By PM Modi Which Focuses On Sustainable Eating
Will Trump Work As McDonald's Fry Cook In Pittsburgh This Sunday? What We Know
King Charles given adorable nickname by children of Queen Camilla's son who think he's 'wonderful'
Canada using a routine NIA post to link India to goon's killing in Winnipeg
Fuzzy Logic: Can The Problem Of Urban Apathy Towards Voting Be Solved?
Embrace Confidence: Feel Comfortable In Your Own Skin