Acquisitions7 Aug 2024, 09:16 pm
Kaycee Industries to Acquire Strategic Stake in UltraFast Chargers, Boosting EV Charging Infrastructure
AI Summary
Kaycee Industries Ltd, a subsidiary of Salzer Electronics Ltd, is set to acquire a 30% stake in UltraFast Chargers (P) Ltd, becoming the single largest shareholder. UFC's DC Fast Chargers, built on proprietary technology, are among India's fastest, safest, and most reliable EV vehicle chargers. The acquisition is expected to be completed by September 30, 2024, and will further solidify Kaycee and Salzer’s position as a leading South Asian company in 'New Age Electrical Technology Products'.
Key Highlights
- Kaycee Industries to acquire a strategic stake in UltraFast Chargers (P) Ltd, becoming the single largest shareholder with a 30% stake.
- UFC's DC Fast Chargers are built on proprietary in-house technology and are among India's fastest, safest, and most reliable EV vehicle chargers.
- The acquisition is expected to be completed by September 30, 2024, aligning with the group’s philosophy to emerge as a global market leader of ESG-based Electrical products.
- UFC Chargers have a unique feature of autoscaling in the same unit for various vehicles with varying current and safety requirements.
- UFC is in the advanced development stage of liquid cooled chargers that will require almost negligible maintenance for 15+ years.