Companies

MIC Electronics forays into EV business

K V Kurmanath | Updated on: May 23, 2022
EV (electric vehicle) Li-Ion battery

EV (electric vehicle) Li-Ion battery | Photo Credit: Petmal

MICEL is diversifying its reach by scaling different verticals of the EV company

MIC Electronics Limited (MICEL) has announced its foray into the electric vehicle sector. The company said it has decided to ‘revitalise’ existing business lines to revive and fortify its ongoing business operations.

MICEL will diversify into manufacturing of all kinds of EV batteries, including Li-ion batteries. With its newly-established batteries division, the company aims to ensure a topline addition of ₹45-60 crore by the end of the financial year.

“Talks are in the final stage with a few existing players in the Indian market to expand into different areas like EV charging and servicing,” it said.

The company has already picked up stake in an e-two wheeler company that deals in multi-brand EV dealership business.

“Among the key verticals that the company will be thus looking to scale are LED display boards, Railways passenger information systems and displays,” a company statement said.

Published on May 23, 2022
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