Nepean Capital-backed Exicom Tele-Systems Ltd, a homegrown electric vehicle charger manufacturer, has entered into a definitive agreement to acquire Australia-based DC fast charger company Tritium for $29.6 million.
The acquisition will add Tritium’s manufacturing facility in Tennessee (US) and an engineering centre in Brisbane (Australia) to Exicom’s presence, presently limited to Asia.
Anant Nahata, CEO of Exicom said, “This acquisition is in line with Exicom’s strategic vision to contribute towards enabling an emission-free future.”
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create liquid-cooled DC fast chargers.
New Delhi-headquartered Exicom is a power management solutions company that offers EV charging (both AC and DC) and energy storage solutions in 15 countries. Its energy storage services cater to telecom and industrial sectors. It has a headcount of nearly 1,200 staff.
Exicom hit the stock exchanges in March, witnessing a stellar debut by listing at a premium of 87% over the issue price. It raised nearly $50 million from the public issue, with promoter NextWave Communication paring its shares in the process.
The company commands a market capitalisation of Rs 4,915 crore. It was trading up 4.5% on the Bombay Stock Exchange on Thursday.
In the March 2024 quarter, the company recorded consolidated net sales of Rs 306 crore, with a net profit of Rs 27 crore.
Meanwhile, Nepean Capital is a public market-focused PE fund floated by former Goldman Sachs and GE Capital executives. It counts Axis Bank, Bajaj Auto, Infosys, Airtel, and Bajaj Finance among its portfolio firms.
It marked the first close of its second fund with a target corpus of Rs 500-1,000 crore (around $67-133 million) in October 2021, VCCircle had reported. It was allotted shares of Exicom from the anchor book prior to the opening of the IPO.
The category-Ill alternative investment fund’s target was to deploy capital in 25 companies, targeting up to 40% investments in large cap firms. Its focus areas are EVs and solar energy.
Category-III AlFs are vehicles that can invest in both public and private markets with a minimum investment amount per investor of Rs 1 crore.
Based on current techno-economic trends, EVs are poised to account for 45% of global passenger-vehicle sales by 2030 and 73% by 2040, shows BloombergNEF’s forecasts.
