Exicom Tele-Systems hits 5% upper circuit on MoU with Mufin Green to boost EV charging infra

Exicom Tele-Systems' share price tanked over 12 percent last month.

Shares of Exicom Tele-Systems rose 5 percent to hit an upper circuit of Rs 250 in morning trade on January 8 after the company announced it has signed a memorandum of understanding (MoU) with Mufin Green Infra to help boost India’s electric vehicle charging infrastructure.

Their collaboration focuses on setting up charging infrastructure and installing EV chargers while targeting key segments like charge point operators, bus fleets, state utilities, and other stakeholders to promote EV adoption.

As part of the agreement, Exicom will take charge of producing and supplying EV charging equipment that adheres to industry standards and future-ready specifications. The chargers will feature Exicom’s advanced software, designed for enhanced efficiency and user convenience. Additionally, Exicom will provide technical assistance, maintenance services, warranty coverage, and digital solutions to support the charging ecosystem. Both companies plan to leverage their customer networks, including existing and potential clients, to ensure the partnership's success.

Mufin Green Infra, a strategic partner in this collaboration, will oversee the installation of EV charging stations and fleet charging hubs. The company will also onboard new business clients to establish advanced EV charging infrastructure, adhering to strict environmental, electrical, and safety regulations.

Together, Exicom and Mufin aim to provide integrated solutions, combining charging hardware, infrastructure, software, and operational support. These offerings will cater to a wide range of customers, including public and private fleet operators, charge point operators, state utilities, and government bodies, all while maintaining commercial feasibility.

The companies also plan to use joint marketing initiatives and expanded market visibility to drive growth. "By combining our expertise, we will deliver comprehensive solutions that meet the demands of the EV ecosystem and support India's transition to cleaner transportation," Exicom stated.

The company witnessed a solid debut on the bourses on March 5 2024, listing at Rs 265, commanding a premium of 87 percent over the issue price of Rs 142 per share. The Gurugram-headquartered EV charger manufacturer aimed to raise Rs 429 crore through its maiden public issue which comprises a fresh issue of Rs 329 crore worth of shares by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the upper price band.

Exicom Tele-Systems' share price tanked over 12 percent last month.