Pavna Industries and SMC Join Forces to Propel EV Tech in India

Pavna Industries has formed a joint venture with SmartChip Microelectronic Corporation to enhance EV technology and explore new markets. Pavna will hold 80% equity, bringing its expertise in the Indian automotive sector, while SMC holds 20% with advanced electronics knowledge. The partnership aims at innovation and market expansion.

Pavna Industries, based in Uttar Pradesh, has announced a strategic joint venture with Taiwan's SmartChip Microelectronic Corporation (SMC) aimed at advancing electric vehicle technology in India.

Pavna Industries will hold a significant 80% stake in the joint venture, with SMC acquiring the remaining 20%, according to their issued statement. The collaborative venture aims to utilize Pavna's extensive expertise in manufacturing, operations, and procurement within the Indian automotive market.

The partnership will focus on producing electronic components for the automotive industry, including internal combustion engines and electric vehicles, and expand into markets like hardware for locks and medical industries. Swapnil Jain, Managing Director at Pavna Industries, expressed optimism about enhancing innovation and market expansion through combining their manufacturing strengths with SMC's cutting-edge electronics expertise.

(With inputs from agencies.)