MIC to foray into EV biz in a big way

Hyderabad: City-based MIC Electronics Limited (MICEL) has announced that it will plan to enter the EV-enabling space in India in a very aggressive way, in line with its strategy of growing the business efficiently through diversification by revitalising its existing business lines in FY 2022-23, with the objective of comprehensively reviving and fortifying its ongoing business operations as well as to mark its presence and positioning as a robust and resilient organisation in the times to come.

Among the key verticals that the company will be thus looking to scale include LED display boards, railways PIS and displays, etc.

As a part of its strategic upcoming focus on the EV-enablement segment, 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, MIC Electronics plans to ensure a topline delivery of Rs 45-60 crore by end this fiscal. The company is already in final talks with a few existing players in to expand into areas like EV charging and servicing, among other allied areas in EV ecosystem. The company has already picked up stake in an e-2W company that deals in the multi-brand EV dealership business.

"The e-mobility ecosystem in the country is growing at an unprecedented pace, and hence the need has exponentially grown off late for large-scale EV-tech enablement and cutting-edge tech solutions and supporting infrastructure development on this front. As a pioneering company in the electronics segment in India, it came to be a natural extension for us to expand into the EV-enablement domain – as we at MICEL already have the know-how and expertise in most of the intersectional areas of electric and electronic systems, Kaushik Yalamanchili, Managing Director, MIC Electronics Limited said.