Project magenta all
"Axiom is committed to developing new and robust EV components and charging solutions. With this, Magenta will continue to travel its growth trajectory at an even faster pace and tap the vast EV Industry, which has already started picking up over the last couple of years in India and beyond India, it said. The investment is expected to further broaden the company's e-mobility portfolio with Magenta and its associated brands 'ChargeGrid' and 'EVET'. This acquisition is significant for the company and the whole EV industry, Magenta said, adding, this move will forge India ahead in developing a comprehensive e-mobility ecosystem. Industry insiders, however, said Magenta has invested over Rs 50 crore in the acquisition of the charging and component business of Axiom to expand its charging capabilities.Īxiom already is India's largest selling EV charger brand in the e-rickshaw segment, with an existing manufacturing capacity of 6,50,000 charger units per annum, as per the release.Ĭurrently, Axiom customers include multiple leading EV original equipment manufacturers and retailers. "We are glad to be supported by Axiom, who are passionate about bringing about a change towards clean mobility, '' he said. Magenta has believed in building an end-to-end platform solution for EV Charging, said Lewis, and this new state-of-the-art facility will contribute significantly to further advancing Magenta's move toward zero-emission electric mobility. It was only recently that our joint discussion turned into an investment and partnership," said Magenta Managing Director Maxson Lewis. "We are amazed at the depth of knowledge and manufacturing capability in AC-DC conversion that Axiom has developed. With the Magenta Axiom investment and partnership, plans are afoot to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, convertors, motor controllers and drive train components, it added. "The majority stake acquisition of Axiom enables Magenta to have a large in-house manufacturing facility for its EV charging equipment with a mission to Make in India, Make for the World," Magenta said in a statement.