Bosch acquires 26% stake in Sun Mobility

Monday, 26 October 2020 00:06 - - {{hitsCtrl.values.hits}}

One of the largest Tier 1 automotive companies, Bosch Gmbh has acquired a 26% stake in Bengaluru based battery service provider, Sun Mobility. Bosch through its investment arm, Robert Bosch Investment Nederland B.V. invested an undisclosed amount for the stake.

This investment comes as part of Bosch focusing on growth pillars in mobility sector, which includes personalised, automated, connected and electrified technologies.

Speaking about the investment Bosch Group India Managing Director Soumitra Bhattacharya said, “Bosch engagement with Sun Mobility complements our shared vision towards the growth of electro mobility. At Bosch, we firmly believe that the diverse powertrain technologies will continue to coexist. A mix of combustion engines and electrification will be needed for a highly efficient mobility ecosystem.”

Sun Mobility is a Bengaluru based energy and infrastructure provider for electric mobility. The company operates battery-swapping stations across 11 cities in India.

Sun Mobility’s Co-Founder and Vice Chairman Chetan Maini said: “This is a significant milestone for Sun Mobility as we are joined by Bosch, a leader in the mobility ecosystem, in our march towards the future of mobility. This reaffirms our mission to build a cost-effective and convenient energy infrastructure solution to accelerate the adoption of EVs in India and the world.”

In 2017, Uday Khemka, promoter of SUN Group, and Chetan Maini co-founded Sun Mobility with an aim to make electric vehicles affordable and accessible for everyone.

Sri Lanka’s Ideal Group is a distributor for Bosch Diesel systems in Sri Lanka. Ideal Group with its Ideal First Choice network caters to end-to-end needs of customers from Bosch spare parts, after sales services and has established 24 collection points for Bosch Diesel systems. Ideal First Choice recently opened an exclusive Bosch service center in Colombo further reinforcing the customers with repair and spare parts services.

Commenting on the future prospects of the Bosch-Sun Mobility strategic alliance, Ideal Group Founder/Chairman Nalin Welgama said: “Ideal Group through Ideal First Choice partners with Bosch in Sri Lanka. Ideal Group also maintains a strong relationship with Sun Mobility from its inception. Therefore, this strategic alliance will no doubt bode well for Sri Lanka in numerous ways in the future.”