The Maharashtra-based Precision Camshafts Ltd (PCL), which manufactures chilled cast iron, straight hollow, profiled hollow and trilobe camshafts, has announced that is has taken 51 percent equity stake in EMOSS Mobile Systems of the Netherlands.
Emoss designs, develops, produces and tests innovative electric drivelines. The company says, with its modular system, it is able to convert any vehicle to electric drive: from delivery vans, to full electric trucks and range extended electric semi trucks.
The acquisition will enable PCL’s foray into electric mobility as Emoss is which manufactures electric powertrains and electric trucks, delivery vans and range extended electric trucks. It will also give PCL access to mature electrical mobility markets such as Europe, North America and Australasia.
Emoss posted a turnover of around 6 million euros in 2017 and grew at a CAGR of over 100 percent percent in the past three years. The Emoss promoters will continue to hold 49 percent equity and remain actively involved in day-to-day activities. Emoss plans to capitalise on the financial bandwidth of PCL for its working capital requirements to drive future growth. Also, PCL’s global sales and engineering network, close relationships with leading OEMs and strong knowhow in lean manufacturing will help Emoss scale up rapidly.
Announcing the latest acquisition, Yatin Shah, PCL’s chairman and managing director, said: “The electric vehicle market has grown significantly over the past decade with a special emphasis on the commercial electric and niche services segment. PCL with our experience in delivering top-class products to our customers across our network will leverage this advantage to the Emoss business as well. We are looking at capturing a significant share of the commercial electric vehicle market globally. This acquisition will enable PCL to become a global leader in the automotive industry with a wide variety of solutions ranging from niche machined components for the internal combustion engine, brakes, steering and chassis to a complete end to end solution for electric mobility.”
Emoss onboard charging system
Edwin Hobbel, managing director, said: “As we approach enormous changes in transport and mobility, we, as experts on electrical drivetrain technology for heavy equipment, are faced with large opportunities. With PCL as a partner, we will not only have access to the working capital we need for our growth but PCL also brings the entrepreneurial spirit and experience in growing organisations we were looking for. In addition, PCL has an understanding of the automotive industry. Emoss is at this stage a forerunner in the industry and has tremendous ambitions to continue growing. We are confident that PCL is the right partner to manage this growth in the right direction.”