Remsons Industries acquires majority stake in electric 3-wheeler company Astro Motors

Auto component supplier Remsons Industries has announced that it has purchased a majority stake in Astro Motors, an electric three-wheeler manufacturer. The deal, worth Rs 14.22 crore, involves both equity and cash, it stated.

Astro Motors develops and manufactures electric three-wheelers for cargo, loaders, passengers, and micro-mobility. The company's plant in Chakan, Pune, produces vehicles with a payload capacity of 747 kg and a range of 131 km. Astro Motors plans to launch its product this year and is currently establishing a dealer network across India.

Speaking about the deal, Rahul Kejriwal, Executive Director of Remsons Industries, stated, “This acquisition is an essential step in our journey to grow in a sustainable manner.” He added, “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.”