Water pump company Shakti Pumps (India) Ltd on Wednesday (October 11) said it will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary Shakti EV Mobility Private Limited.

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"(The company will) make the investments of Rs 114.29 crores (Rupees One Hundred and Fourteen Crores and Twenty-Nine Lakhs Only) in the wholly owned subsidiary i.e. Shakti EV Mobility Private Limited, in one or more tranches, in the next five years," the company said in a stock exchange filing.

Last year, Shakti Pumps announced an investment of Rs 1 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Private Limited, by purchasing 10 lakh equity shares of ₹10 each. The total investment in Shakti EV Mobility Private Limited amounts to ₹8.26 crore after the purchase of the equity shares.

Shakti EV Mobility Private Limited was incorporated as a wholly-owned subsidiary by Shakti Pumps on December 16, 2021. The subsidiary is currently engaged in the EV segment, including the manufacturing and sale of EV motors, charging stations, battery management systems, electric control panels, smart electric control panels, VFDs, and other items.

Shakti Pumps (India) is one of the leading manufacturers of submersible pumps for domestic, industrial, horticultural, and agricultural use.

Shares of Shakti Pumps (India) Ltd ended at ₹892.75, up by ₹5.25, or 0.59 percent, on the BSE.

(Edited by : Shoma Bhattacharjee)