Remsons Industries Ltd will acquire majority stake in Astro Motors Private Ltd.
| Photo Credit: remsons.com

Remsons Industries Ltd, an automotive OEM components manufacturer supplying to two, three and four-wheeler vehicles, commercial vehicles and off highway vehicles in India and automotive OEMs globally, has announced the acquisition of majority stake in Astro Motors Private Ltd, an electric three-wheeler manufacturing company for ₹14.22 crore in an equity and cash deal.

Astro Motors is engaged in the business of developing and manufacturing of electric vehicles for cargo, loaders, passengers and micro mobility.

Having a plant in Chakan (Pune) Astro offers gear technology which provides payload capacities of 747 kgs and 131 kms range. 

The company which is planning to launch it’s product this year has appointed dealers and expanding its network across India.

Rahul Kejriwal, Executive Director, Remsons Industries said, “This acquisition is an essential step in our journey to grow in a sustainable manner.”

“As we continue to expand our portfolio, we see significant room for growth in this segment and to establish our presence in the rapidly growing electric three-wheeler segment while unlocking new business opportunities,” he added.