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Business EconomyPosted at: May 23 2022 10:21PM


MIC Electronics Plans to foray into the EV Ecosystem in current Fiscal

Hyderabad, May 23 (UNI) Hyderabad-headquartered MIC Electronics Limited (MICEL) on Monday announced plans to enter the EV-enabling space in India in a very aggressive way, in lines with its strategy of growing the business efficiently through diversification.
As a part of its strategic upcoming focus on the EV-enablement segment in India, MICEL has now decided to actively venture into the manufacturing of all kinds of EV batteries, including Li-ion batteries.
With its newly-established batteries division, the company plans to ensure a top line delivery of INR 45-60 Crores by end FY 23, the company said in a release here.
MIC is already in final-stage talks with a few existing players in the Indian market to expand into areas like EV charging and servicing, among other allied areas in the nation’s burgeoning EV ecosystem.
The company has already picked up stake in an e-2W company that deals into the multi-brand EV dealership business.
Speaking about the recent foray into the EV space and future plans, Mr. Kaushik Yalamanchili, Managing Director, MIC Electronics Limited said, we are foreseeing massive scope and potential in the EV-enablement front and keeping this in mind, are partnering with various technical collaborators across the country to form tie-ups and alliances that will serve to bolster the ecosystem at large in the years to come; starting from electric 2Ws initially and then moving across other types of EV platforms. MIC’s long term goal and vision is to become the leading and biggest player in the EV-enabling sector in India.
Over the years, MIC has built its legacy majorly in the LED products domain, both in LED displays and lighting solutions. The company has been supplying its LED Display Boards primarily to the Indian Railways, alongside offering software support and maintenance.
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