Remsons Industries Limited, an automotive OEM components manufacturer catering to two-, three- and four-wheeler vehicles, has announced the acquisition of Astro Motors Private Limited, a company specialising in electric three-wheeler manufacturing.
Remsons has acquired a 51.01% stake in Astro Motors for a total consideration of Rs. 14.22 crore, comprising Rs. 4.22 crore through equity issuance on a preferential basis (subject to shareholders’ approval) and Rs. 10 crore in cash, according to an official press release.
Astro Motors, based out of Chakan (Pune), is among the few manufacturers of electric three-wheelers equipped with gear transmission technology, offering one of the highest payload capacities in the segment at 747 kg and a range of 131 km.
“This acquisition marks a strategic milestone in our journey toward sustainable growth. As we diversify our portfolio, we see tremendous potential in the electric three-wheeler space and aim to strengthen our presence in this fast-evolving segment, unlocking exciting new business opportunities,” Rahul Kejriwal, Executive Director, Remsons Industries, said.
Currently expanding its dealer network across India, Astro Motors is gearing up to launch its range of passenger EVs within the next four to six months. With the booming growth of quick commerce and e-commerce industries, the demand for efficient last-mile delivery vehicles is rising rapidly, creating fertile ground for electric cargo and passenger three-wheelers, the release mentioned.
Astro Motors aims to capture a significant niche market share and position itself among the top five electric three-wheeler players in India over the next three years.
