Corporate Development     

Published: December 31, 2024
Updated: December 31, 2024

Mercury EV Tech Ltd

Acquiring 69.84% stake in DC2 Mercury Cars Pvt Ltd

Mercury EV Tech Ltd. (BSE: 531357), a leading player in EV Industry engaged in the business of manufacturing wide range of electric vehicles, has announced that it has executed Share Purchase Agreement with DC2 Mercury Cars Private Limited & Anushree B Chhabria (seller) for purchase of Equity Shares. The company will acquire 69.84% of the shares being 25,00,000 equity shares of the Company. Upon such acquisition the Target Company shall be considered as subsidiary Company of the Acquirer.

DC2 Mercury Cars is mainly into designing of passengers cars, sports cars, modification of cars etc. As Mr. Dilip Chhabria, known as DC, is The Chief Designer in the target company, his expertise in designing cars will make Mercury EV-Tech Limited a synergy of his exceptional skills. The collaboration under the brand of DC Mercury Cars is expected to boost product acceptability in the market and drive business growth in the upcoming years. This strategic acquisition will add another feather to Mercury EV-Tech’s product portfolio.

DC2 is mainly designing the existing cars and also have own various Sports and SUV car designs which are designed by the Chief Designer Mr. Dilip Chhabria (DC). Established in 1993, DC Design became the go-to studio for bespoke car customization in India. DC is renowned for turning luxury sedans, sports cars, and even commercial vehicles into one of-a-kind masterpieces. He has worked on custom projects for high-profile clients, including Bollywood stars and prominent business personalities.

Recently, the board approved to Incorporate a New Subsidiary, with the proposed name “Global Mercury Container Pvt Ltd.” The main object of the proposed company will be Manufacturing & dealing of containers, ISO shipping containers, top cover mechanism for containers, skeleton containers and special purpose containers. The Company will be subscribing 60% of its Paid up capital by subscribing 60,000 equity shares.

Mercury EV Tech Ltd. (BSE: 531357) is a leading EV company with presence in the entire EV Eco system. It has a state of the art 18-acre EV technology park and manufacturing facility. The company has a wide range of products under the brand “Mercury”. The company’s latest inclusion to its brand is it’s 4-wheeler loader ‘Musak’ having 1 tonne carrying capacity.

The company’s mission is to continue towards a responsible and green transportation journey with innovative and advanced “Make-in-India Electric Mobility Solutions”. It aspires to provide all-inclusive service and charging stations across the nation to push the market towards a clean energy alternative. With its highly-advanced research and development center, the company aims to launch newer, innovative, affordable and energy-efficient electric vehicles and its components.

Mercury EV-Tech Limited has set up its manufacturing facility at Strategic location at National Highway No.8 spread across 18 Acre of land. The State of Art facility is equipped with the best 23 tank CED Plant with Lab, Paint Booth, BIW Shop, Assembly Line, In house Vehicle Testing Facility which is best in the industry.

Mercury EV-Tech Limited is having more than 10 product approval including L5 category 6+1 seating capacity and Loader of 3W, High Speed 2W with Non Breakable Body, Various rage of L3 category 3W, Various Lithium-ion battery, Garbage Vans etc.

The Company has setup its state of art facility of Research and Development Centre at Vadodara where they are doing R&D on Electric Bus, Electric Car, Various Types of Lithium-ion Batteries. This facility was started in 2022 since than all the vehicles are developed here.