Exicom Tele-Systems Limited, India’s largest electric vehicle (EV) charger manufacturer, announced today its plan to acquire the business and assets of Tritium, a manufacturer of DC fast chargers. The acquisition, valued at up to $29.63 million, is set to expand Exicom’s EV charger business globally.
The share price of Exicom Tele-Systems Limited were trading at ₹400, up by 7.95 points (2.03%) on BSE and ₹408.85, up by ₹19.45 (4.99%) on NSE on Thursday at 10:25 am.
The deal, approved by Exicom’s Board of Directors on August 7, 2024, involves Exicom’s wholly owned subsidiaries executing a business sale agreement with Tritium Group entities in the United States and Australia. The acquisition is expected to be completed by August 31, 2024.
The acquisition will give Exicom access to Tritium’s manufacturing facility in Tennessee, USA, and its engineering centre in Brisbane, Australia. The move is expected to enhance Exicom’s global reach and research and development capabilities in the EV charging industry.
Anant Nahata, CEO of Exicom, stated, “This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions. We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”
The EV market is projected to grow significantly, with BloombergNEF forecasting that EVs will reach 45% of global passenger vehicle sales by 2030 and 73% by 2040.
Exicom will pay up to USD 6.13 million between the signing of the agreement and completion of the acquisition, with the remaining USD 23.5 million to be paid at completion, subject to the terms of the agreement.