Remsons Industries Limited has acquired a 51.01% stake in Pune-based electric three-wheeler manufacturer Astro Motors Private Limited. The deal, valued at INR 142.2 million, includes INR 42.2 million in equity issued on a preferential basis and INR 100 million in cash.
Astro Motors operates a manufacturing facility in Chakan, near Pune, and produces geared electric three-wheelers for cargo, loaders, passengers, and micro mobility. The company’s Astro Navya vehicle, which has a 10.2 kWh battery, claims a payload capacity of 747 kilograms and a range of 131 kilometers. The vehicle has reportedly completed a drive to Umling La Pass in Ladakh at an altitude of 19,024 feet.
According to the press release issued by Remsons, Astro Motors plans to launch electric passenger vehicles in the next four to six months and is in the process of expanding its dealership network across India. The company is targeting the last-mile delivery segment, which is seeing increasing demand driven by the growth of quick commerce and e-commerce platforms.
Rahul Kejriwal, Executive Director at Remsons Industries, said, “We are thrilled to bring Astro Motors into the Remsons family. This acquisition is an essential step in our journey to grow in a sustainable manner. As we continue to expand our portfolio, we see significant room for growth in this segment and to establish our presence in the rapidly growing electric three-wheeler segment while unlocking new business opportunities.”
Remsons Industries is headquartered in Mumbai and manufactures automotive OEM components for two, three, and four-wheeler vehicles, as well as commercial and off-highway vehicles. The company has production facilities in Gurgaon, Pune, Pardi, Daman, and the UK.