Promoters of Remsons Industries, an automotive OEM components manufacturer, plan to pick up a substantial stake in an electric three-wheeler company.
The demand for zero-emission cargo three-wheelers is growing rapidly. The market is projected to grow from $3.41 billion in 2024 to $12.81 billion by 2032, exhibiting a CAGR of 18 per cent during the forecast period.
The final details on the investment structure are being worked out; the investment is being made by the promoters in their personal capacity, sources said.
The company’s management did not comment on the development.
The company has grown its business through strategic partnerships, including synergistic joint ventures, acquisitions and collaborations in the tyre mobility kit, infotainment and sensors sectors, said people familiar with the development.
Remsons’ expertise extends across a range of auto components, including Control Cables, Gear Shifters, Pedal Boxes, Winches, and Jacks to all OEMS in India and overseas.