ABB: to take majority stake in Numocity
(CercleFinance.com) - ABB reports that its E-mobility division has agreed to acquire a majority stake in Numocity, a leading digital platform for electric vehicle charging in India, which was founded in Bangalore in 2018.
ABB will increase its stake to a controlling majority of 72% and can therefore become the sole owner of Numocity by 2026. The financial terms of the transaction were not disclosed.
The transaction is part of ABB E-mobility's global growth strategy and will significantly reinforce its position in India, as well as in South East Asia and the Middle East - target regions for Numocity, given the growing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
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ABB will increase its stake to a controlling majority of 72% and can therefore become the sole owner of Numocity by 2026. The financial terms of the transaction were not disclosed.
The transaction is part of ABB E-mobility's global growth strategy and will significantly reinforce its position in India, as well as in South East Asia and the Middle East - target regions for Numocity, given the growing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Copyright (c) 2022 CercleFinance.com. All rights reserved.