Joint Venture9 Sept 2024, 02:24 pm
Epic Energy & Fenfeo to Set Up Electric Vehicle Charger Manufacturing Unit
AI Summary
Epic Energy Limited has signed a Joint Venture Agreement with Fenfeo Automotive Private Limited to establish an Electric Vehicle Charger manufacturing unit in Coimbatore with an installed capacity of 15,000 Chargers per annum. The Joint Venture Company will be set up with EPIC owning 76% of the Equity and Fenfeo owning 24% of the Equity. The estimated outlay for this JV is Rs 500 lacs, and it is expected to generate gross revenues of Rs 15 crores per annum at 80% capacity utilization.
Key Highlights
- Epic Energy and Fenfeo Automotive have formed a Joint Venture to manufacture Electric Vehicle Chargers.
- The manufacturing unit will have an initial installed capacity of 15,000 Chargers per annum.
- EPIC will own 76% of the Equity and Fenfeo will own 24% of the Equity in the Joint Venture Company.
- The JV is expected to generate gross revenues of Rs 15 crores per annum at 80% capacity utilization.
- Fenfeo's existing pipeline with original EV manufacturers is expected to be utilized once the JV facility is operational.