ABB Acquires Controlling Stake In India's Numocity ABB will increase its shareholding to a controlling majority of 72 per cent and has the right to become sole owner by 2026
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ABB, an automation company, has announced that its e-mobility division has agreed to acquire a controlling stake in Numocity, a digital platform for electric vehicle charging in India. ABB will increase its shareholding to a controlling majority of 72 per cent and has the right to become sole owner by 2026. Financial terms of the transaction were not disclosed.
The transaction is part of ABB e-mobility's overall growth strategy and will significantly improve its position across India, as well as south east Asia and the Middle East – target regions for Numocity given increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Founded in 2018 and based in Bangalore, India, Numocity offers a cloud-based digital platform that allows consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a "pay as you go" basis.
"We are delighted to expand our presence in the burgeoning Indian market, while also enlarging our offering in EV charging infrastructure. Zero-emission mobility will play a key role in the Indian government's efforts to reduce carbon emissions, while the wider region is a hotbed of digital expertise," said Frank Muehlon, CEO of ABB e-mobility.
"Our dedicated team is proud to be expanding its cooperation with ABB to offer secure, stable and seamless digital platforms for the monetization and management of EV energy infrastructure," said Ravikiran Annaswamy, CEO of Numocity.