Endurance Technologies acquires additional stake in Maxwell Energy Systems

18 Jul 2023 Evaluate

Endurance Technologies has acquired additional 5% equity stake in Maxwell Energy Systems (Maxwell) thereby increasing its shareholding to 56%. This additional stake has been acquired for a cash consideration of Rs 6.94 crore, based on agreed valuation methodology as per the terms of Share Subscription and Purchase Agreement dated May 18, 2022 (SSPA).

The key focus of Maxwell is on designing and developing advanced electronics platforms targeted towards next-gen mobility and energy storage solutions. Endurance plans to leverage Maxwell’s deep technical expertise and its BMS deployment experience both in India and Europe. It is expected that, as a preferred tier-1 auto component supplier, the Company will effectively leverage its business relationships to further grow the acquired business with its OEM customers.

In the second tranche that concluded on July 17, 2023, the Company has completed acquisition of 5% equity stake in Maxwell. This is in addition to 51% acquired on July 01, 2022. Balance 44% equity stake in Maxwell shall be purchased in a phased manner in annual tranches, spread over the next four financial years.

Endurance Technologies is among one of the largest auto-components companies in India.

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