Lakshmi Electrical to form EV charger subsidiary via consortium

Lakshmi Electrical Control Systems Ltd announced its Finance and Operations Committee has approved the incorporation of a subsidiary company as part of a consortium arrangement with BIEMSYS Private Limited. This move is a pre-commitment to apply for a tender floated by New & Renewable Energy Development Corporation of Andhra Pradesh Limited for manufacturing Electric Vehicle (EV) Chargers and establishing EV Public Charging Stations. The company will proceed with subsidiary incorporation and consortium terms only upon successful award of the tender. The subsidiary will be 51% owned by Lakshmi Electrical, with an initial investment of ₹51,000 towards equity share capital.