BikeWo signs MoU to acquire 51% stake in PositiEV Mobility
Hyderabad, July 3 (TNT): BikeWo Green Tech Limited on Friday said it has signed a Memorandum of Understanding (MoU) with PositiEV Mobility Pvt Ltd to acquire a 51 per cent stake in the company, subject to due diligence, valuation, execution of definitive agreements and regulatory approvals.
The proposed acquisition is aimed at creating an integrated electric mobility platform by combining EV retail, leasing, financing, charging infrastructure, battery swapping, fleet solutions and after-sales services under a single ecosystem, the Hyderabad based company said in a release here.
As part of the proposed transaction, Hiten Pal Saklani, founder of PositiEV Mobility, will be appointed Chief Executive Officer of BikeWo, subject to the approval of the company’s Board of Directors and completion of the transaction.
BikeWo said the partnership would strengthen its presence in India’s rapidly expanding electric vehicle market by integrating PositiEV Mobility’s expertise in EV distribution, leasing and mobility infrastructure with its own technology-driven mobility platform.
Founded by Hiten Pal Saklani, PositiEV Mobility provides commercial EV distribution and leasing solutions by integrating financing, charging infrastructure, maintenance and fleet operations through a technology-enabled platform.
BikeWo Chairman and Managing Director Manideep Katepalli said the proposed acquisition aligns with the company’s long-term growth strategy and has the potential to create one of India’s most integrated EV mobility platforms.
Saklani said that the proposed partnership aims to build a comprehensive platform to accelerate EV adoption.
Upon completion of the transaction, BikeWo plans to expand partnerships with automobile manufacturers, financial institutions, charging infrastructure providers and fleet operators while strengthening its presence across EV distribution, leasing, digital mobility and clean energy infrastructure.
TNT TS
