V-Guard Industries (V-Guard), a FMEG Company, has announced that its Board has approved the acquisition of a minority stake (18.77%) in Gegadyne Energy Labs Private Limited (GEL) for a cash consideration of Rs. 33.4 crores.
“GEL is a Mumbai based alternate battery technology start-up developing innovative energy storage (battery) solutions, which could deliver better battery performance on key parameters like total cost of ownership (TCO), Life Cycle, Recharge time, Safety profile and Maintenance costs, compared to prevalent battery technologies. In addition, all key raw materials can be sourced locally, thereby providing distinctive advantage against some of the upcoming battery technologies based on rare metals with significant import dependence,” the company said in a statement.
Speaking on the occasion, Mr. Mithun Chittilappilly, Managing Director, V-Guard Industries Limited, said, “The proposed acquisition marks V-Guard’s foray into deep tech start-up space and is in-line with V-Guard’s philosophy of delivering thoughtful products and experiences to its discerning consumers. We believe this collaboration will enable V-Guard to further strengthen and expand its product offerings as well as help GEL to realize its potential faster.”
Deloitte Touche Tohmatsu India was the financial advisor and Cyril Amarchand Mangaldas was the legal advisor to the transaction for V-Guard.
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