Kinetic Engineering Ltd on Friday announced plans to grow its electric vehicles business through a newly formed subsidiary

Kinetic Engineering Ltd on Friday announced plans to grow its electric vehicles business through a newly formed subsidiary.

The company will own more than 51 per cent stake in the new subsidiary, which will have an authorised capital of up to Rs 25 crore, Kinetic Engineering Ltd (KEL) said in a regulatory filing.

KEL has decided to form this subsidiary so that dedicated resources and funds can be deployed to evolve the correct strategy for a long term sustainable and expansive future, the company's Managing Director Ajinkya Firodia said.

The company is developing several products such as axles for electric three-wheeler, gear boxes for electric two-wheeler as well as three-wheeler, frames for electric two-wheeler, chassis for electric three-wheeler, it said.

It will now be able to house the entire EV portfolio, including components and assemblies under the new subsidiary to clearly focus and quickly scale up to exploit opportunities in the EV segment, KEL added.