Autoline Industries to set up EV business with acquisition of Autoline Emobility

7 Mar 2022 , 11:08 AM

Autoline Industries Limited has set up a new entity in the form of Private Limited Company, named as Autoline Emobility Private Limited to step in to the potential business of designing, assembling and manufacturing in Electric vehicles segment.

The initial subscription amount of Rs1 lakh towards subscribing to 10,000 equity shares at face value of Rs10/- each.

“The object of the acquisition is to venture into the business of designing, assembling and manufacturing in electric vehicles segment and otherwise dealing in all types of automotive components, electrical components, spare parts, products, equipment’s for Electronic two-wheeler, passenger cars, light motor vehicles, multi-utility vehicles and all other types of electronic automobiles,” company said in a filing on Friday.

At around 11.12 am, Autoline Industries Ltd was trading at Rs51.75 per share down by Rs1.55 or 2.91% from its previous closing of Rs53.30 per share on the BSE.