Ahead of declaration of Q1FY25 Earnings on August 12, Mercury EV Tech Ltd. Successfully exits ASM Framework
Global Move: With a major acquisition of 65% Stake in Traclaxx Tractors Pvt Ltd., company will soon mark its presence globally
Mercury EV Tech Ltd. (BSE: 531357) is a leading EV Mobility player and has played pivotal pioneering role in various segments of E vehicles. The company has been moved out of ASM Framework effective August 05, 2024. Further, the company is scheduled to report its Q1FY25 Earnings on August 12, 2024.
Significant Advancement- The Merger Approval
The honorable NCLT has approved the Scheme of Merger, involving merger of wholly-owned subsidiary companies namely EV Nest Private Limited with Mercury EV-Tech Limited. involves merger of wholly-owned subsidiary companies with the Company, and no fresh equity share shall be issued by the Company in terms of the Scheme, there would be no effect on the Issued, Paid-up and Listed Capital of the Company. However with this merger, entire land will be part of the Mercury EV-Tech Ltd’s Balance Sheet.
Expanding horizons- New Addition to the Product Portfolio
Recently, the company approved the acquisition/purchase of 65% stake in Traclaxx Tractors Private Limited. Traclaxx Tractors Private Limited will be considered as Subsidiary Company of Mercury EV-Tech Limited. The acquisition enhances Mercury EV-Tech Limited’s presence in the tractor component segment and also opens up access to new global markets. Earlier, Company approved the acquisition/purchase of 65% stake in Altius EV Tech Private.
The addition of Altius EV-Tech Private Limited expands the Mercury’s product portfolio and expands its presence to Tier III and Tier IV cities.
In May 2024, the company received approval for selling its Battery operated 3W & L5M E-Rickshaw and E-Cart Loader in many states like Gujarat, Delhi, Rajasthan, Uttarakhand etc.
About the company:Mercury EV Tech Ltd. (BSE: 531357) is the only listed company with presence in the entire EV Eco system. It has a state of the art 18-acre EV technology 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 ‘Mushak’.
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 is pioneer in the manufacturing of Electric Scooter, Electric Car, Electric Bus, Vehicles in India. They develop custom electric vehicles for a wide range of applications, . Company was originally incorporated in 1986 as a “Mercury Metals Private Limited”. In recent past, company started its R&D on Electric 2W, 3W, and 4W. Company has already started development of key component like chassis of 2W and 3W. The Company has formed in house assembly line for the 2W & 3W products where production of 2W has been started with brand name of “Mercury EZ” and “Mercury DLX”. The Company has now introduced this model in market with 130+ dealers network PAN India. Company owns an 18-acre land where it has started setting up in-house facility for manufacturing key components like battery, chassis, body, CED paint and already operational assembly line.