Auto component maker Shriram Pistons & Rings on Friday said its unit will acquire a majority stake in electric motor design and manufacturing firm EMF Innovations to foray into the electric vehicle mobility space.
SPR Engenious Ltd (SEL), a wholly-owned subsidiary of the company, is slated to acquire the stake.
The financial details of the deal were not disclosed.
EMF Innovations (EMFI) is co-founded by engineering entrepreneurs with substantial R&D and operations in India and Singapore.
Shriram Pistons & Rings (SPRL) Managing Director & CEO Krishnakumar Srinivasan said that with this strategic investment, the company aims to expand its presence in electric vehicle (EV) space to supply electric powertrain components, such as motor and controller, covering all the vehicle segments from two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.
The alliance will also offer the potential for SPRL (through SEL) and EMFI to collaborate and partner to serve customers globally, he added.