JBM Auto share price touched a 52-week high of Rs 1,490.70 and was locked at 5 percent upper circuit on January 10 on acquisition of 51 percent stake in two group companies.
JBM Auto has acquired the majority stake in JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited through a subsidiary JBM Electric Vehicles Private Limited, the company said in a statement.
JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited have now become indirect subsidiary companies of JBM Auto Limited, it said.
“This stake acquisition is a true testimony to the fact that JBM Auto is committed towards its mission of commissioning the end-to-end e-mobility ecosystem completely localised in India," said Nishant Arya, Vice-Chairman and MD, JBM Auto.
"As a company, we started working towards this mission since the announcement of FAME 1 and have, since then, developed synergies between our various businesses in critical e-mobility domains such as electric buses, battery technology, charging infrastructure and other aggregates,” he said.At 3:10pm, JBM Auto was quoting at Rs 1,490.70, up Rs 70.95, or 5 percent, on the BSE.