- 26 Mar 2024
- ICICI Securities
ENTERS IN A TECHNICAL AGREEMENT FOR MANUFACTURING WALL-MOUNTED AC CHARGERS FOR ELECTRIC VEHICLES
UNOMINDA - 996 Change: 41.70 (4.37 %)News: In a regulatory filing, Uno Minda has informed exchanges that it has entered into Technical License Agreement ("TLA") with Starcharge Energy Pte. Ltd ("StarCharge") to manufacture and sale of Electric Vehicle Supply Equipment ("EVSE") in India. The EVSE comprises of wall-mounted AC chargers designed for convenient home charging. These chargers are usually sold along with electric vehicles to the customers by the OEMs to provide ease of charging at home. With this partnership Uno Minda further builds up on its EV-specific product portfolio for the passenger car market. StarCharge, is a a global leader in electric vehicle charging infrastructure and microgrid solutions, operating in 67 countries & regions with manufacturing facilities in USA, Vietnam, and China.
Views: Uno Minda is one of the largest entities in domestic auto ancillary space, providing solutions in areas of automotive switches, lighting, acoustics systems, seating, alloy wheels, airbags, sensors & controllers. It has a history of vast outperformance vs. user industries riding on growth in kit value, new client and product additions as well as inorganic acquisitions. It counts most major 2-W and PV OEMs as clients. The company also has a prominent role to play in EV space with robust EV orderbook with peak annual revenues in this domain pegged at ~₹3,300 crore. With history of successful JVs with foreign partners, we see the recent tie up as a step in right direction and hold positive view on the company.
Impact: Positive