DG Innovate has announced the Company has entered into a Memorandum of Understanding with EVage Automotive Pvt. Limited, an Indian electric vehicle maker and automotive technology company, covering the proposed establishment of a joint venture in India to manufacture and supply a range of DG Innovate’s Pareta® e-drives.
Under the MoU the parties intend, subject to agreeing and entering into definitive documentation, to establish a new joint venture company (the “JV”) in India, owned 60% by DG Innovate and 40% by EVage. It is intended that the JV will manufacture a range of DG Innovate’s Pareta® e-drives from a site in Chandigarh, Punjab, India, for supply to both EVage and third-party Indian customers, together with other international customers in due course. DG Innovate expects to benefit from both its economic interest in the JV and from licence fees from each Pareta® unit sold, including those to EVage.
DG Innovate plc (LON:DGI) is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices. Deregallera is a subsidiary of DG Innovate.
