Singhi Advisors, Mergers Alliance partner in India, advises acquisition of significant stake in India’s only Electric Vehicle DC Fast Charging company – UltraFast Chargers Pvt Ltd (“UFC”)- having proprietary technology of charging all types of vehicles from same unit , by India’s leading Electricals manufacturer& energy technology company -INR 1.6 bn Salzer Electronics Ltd through its listed subsidiary Kaycee Industries Ltd.
Kaycee Industries Ltd, a prominent subsidiary of Salzer Electronics Ltd, is set to make a strategic investment in UltraFast Chargers (P) Ltd. With over three decades of pioneering electrical solutions, Salzer has positioned itself as a leader in the industry. By acquiring a 30% stake in UFC, Kaycee will become the largest shareholder in the company. UFC specializes in high-end DC Fast Chargers, characterized by their speed, safety, and reliability. These chargers, built on proprietary technology, are already being used by multiple charge point operators across India. Notably, UFC’s chargers can adapt to various vehicle types, from cars to buses and trucks, with varying power requirements, and can efficiently charge multiple vehicles simultaneously. The company is also developing advanced liquid-cooled chargers with minimal maintenance needs.
This acquisition underscores Kaycee and Salzer’s commitment to emerging electrical technologies and solidifies their position as a leading South Asian player in this domain. The deal is expected to be finalized before September 30, 2024.
Through this investment, Kaycee and Salzer aim to strengthen their foothold in the rapidly growing electric vehicle charging market. By partnering with UFC, they gain access to cutting-edge charging technology, which complements their existing expertise in electrical solutions. This strategic move positions the companies as key players in India’s transition to sustainable mobility.
This is Singhi Advisor’s 4th transaction with Salzer during last 20 years, including acquisition of Kaycee & strategic stake in Salzer by L&T earlier. Further, this is Singhi’s 12th transaction in the Electricals/ Electronic mfrg space and 2nd ESG deal this year.
