Shriram Pistons & Rings Limited (SPRL) will acquire a majority stake in Singapore-backed electric motor design and manufacturing company, EMF Innovations Private Limited (EMFI).
The acquisition will be done through the company’s wholly-owned subsidiary, SPR Engenious Limited (SEL).
This will mark its foray into the EV mobility space.
The financial details of the deal were not disclosed and SPRL will acquire a 51 per cent stake in the company, which will be complete before February 15, 2023.
With this strategic investment, SPRL aims to expand its presence in the electric vehicle (EV) space to supply electric powertrain components such as motor and controller covering all vehicle segments. The alliance will also offer the potential for SPRL (through SEL) and EMFI to collaborate and partner to serve customers globally,” said Krishnakumar Srinivasan, Managing Director & CEO of SPRL