Lakshmi Electrical Control Systems Limited submitted a regulatory disclosure to BSE Limited regarding decisions made by its Finance and Operations Committee during a meeting held on July 08, 2026. The meeting commenced at 11:00 AM and concluded at an unspecified time.
Conditions and Contingencies
The company explicitly stated that both actions – the incorporation of the subsidiary and implementation of the consortium arrangement – will only be initiated upon successful award of the tender to the company by New & Renewable Energy Development Corporation of Andhra Pradesh Limited. No actions will be taken if the tender is not won.
Details of Proposed Subsidiary (Annexure 1)
- Holding Company Relationship: The new company is proposed to be incorporated as a subsidiary of Lakshmi Electrical Control Systems Limited.
- Industry: Electrical Vehicle Chargers.
- Business Purpose: Manufacturing of Electrical Vehicle (EV) Chargers and establishment of EV Charging stations upon successful award of the tender.
- Governmental Approvals: Incorporation is subject to approval from the Registrar of Companies, Ministry of Corporate Affairs, Government of India, and is contingent on winning the tender.
- Consideration Type: Cash consideration towards equity share capital.
- Investment Amount: Initial investment of ₹51,000 towards equity share capital.
- Shareholding: The company proposes to acquire 51% of the equity share capital upon incorporation.
- Name and Incorporation Date: These details are to be decided based on successful award of the tender and approval from the Registrar of Companies.
Details of Consortium Arrangement (Annexure 2)
- Area of Agreement: Manufacturing of Electrical Vehicle (EV) Chargers and establishment of EV Charging stations upon successful award of the tender.
- Operation Scope: Domestic.
- Share Ratio: The consortium share ratio is 51:49.
- Consideration: No consideration is paid or received for the agreement itself.
- Significant Terms: The agreement covers the manufacturing and establishment activities contingent on winning the tender.
- Related Party Transaction: The acquisition does not fall within related party transactions. Promoter/promoter group/group companies have no interest in the entity being acquired.
- Entity Size: The proposed new company to be incorporated will have an initial paid-up share capital of ₹1,00,000, in which Lakshmi Electrical Control Systems Limited will hold 51% of the total paid-up equity share capital.
- Rationale: The expected benefit is to create visibility and impact on the EV Chargers segment.