Widening Horizons     

Published: October 31, 2024
Updated: October 31, 2024

Mercury EV Tech Ltd.

Board approves acquisition of 70% stake in Haitek Automotive

Mercury EV Tech Limited (BSE Scrip Code: 531357), a leading player in EV Industry engaged in the business of manufacturing wide range of electric vehicles has announced that its board approved the acquisition/purchase of 70% stake in Haitek Automotive Private Limited, and it will now be considered as Subsidiary Company of Mercury EV-Tech Limited.

Recently, the company has been included in the BSE SmallCap Index. This milestone reflects the company’s continued commitment to growth and innovation within the industry. As part of the BSE SmallCap Index, Mercury EV Tech Ltd. will further enhancing its growth trajectory. This recognition underscores the company’s dedication to advancing electric vehicle technology and delivering value to its stakeholders.

Earlier the company has raised up to Rs. 118.06 Cr via Preferential Issue of Equity Shares, and up to Rs. 362.25 Cr via preferential issue of convertible warrants. The proposed allottees include FPIs Forbes EMF, Nexpack Limited, Eminence Global Fund PCC, AG Dynamic Funds Ltd. amongst other HNI category of Investors. The total fund of Rs. 480 Crores raised will be utilised for the Working Capital, Development of Electric Car, Capital Expansion etc. This fund raising will boost the production of the product as well as it will be interesting to see the Q3 onwards vehicle selling number of th company.

Mercury EV Tech Ltd. (BSE Scrip Code: 531357) is a leading EV company with presence in the entire EV Eco system. It has a state of the art 18-acre EV technology park and manufacturing facility. The company has a wide range of products under the brand “Mercury”. The company’s latest inclusion to its brand is it’s 4-wheeler loader ‘Musak’ having 1 tonne carrying capacity.

The company’s mission is to continue towards a responsible and green transportation journey with innovative and advanced “Make-in-India Electric Mobility Solutions”. It aspires to provide all-inclusive service and charging stations across the nation to push the market towards a clean energy alternative. With its highly-advanced research and development center, the company aims to launch newer, innovative, affordable and energy-efficient electric vehicles and its components. The electric vehicle segment is all set to grow at a fast pace with the help of incentives and subsidies being offered by the government for both manufacturers and customers.

Mercury EV-Tech Limited has set up its manufacturing facility at Strategic location at National Highway No.8 spread across 18 Acre of land. The State of Art facility is equipped with the best 23 tank CED Plant with Lab, Paint Booth, BIW Shop, Assembly Line, In house Vehicle Testing Facility which is best in the industry.

Mercury EV-Tech Limited is having more than 10 product approval including L5 category 6+1 seating capacity and Loader of 3W, High Speed 2W with Non Breakable Body, Various rage of L3 category 3W, Various Lithium-ion battery, Garbage Vans etc. The company is expected to receive 4W loader having 1 tonne capacity approval by November 2024.

The company has setup its state of art facility of Research and Development Centre at Vadodara where they are doing R&D on Electric Bus, Electric Car, Various Types of Lithium-ion Batteries. This facility was started in 2022 since than all the vehicles are developed here.