Lakshmi Electrical to form EV charger subsidiary

Lakshmi Electrical Control Systems Ltd's Finance and Operations Committee has approved the incorporation of a subsidiary company. This move is part of a consortium arrangement with BIEMSYS Private Limited, aimed at applying for a tender floated by New & Renewable Energy Development Corporation of Andhra Pradesh Limited. The tender is for manufacturing Electrical Vehicle (EV) Chargers and establishing EV Public Charging Stations. The subsidiary will be incorporated with an initial investment of ₹51,000, with Lakshmi Electrical proposing to acquire 51% of the equity share capital. The consortium agreement with BIEMSYS Private Limited outlines a 51:49 share ratio. The company will proceed with subsidiary incorporation and consortium terms only upon successful award of the tender.