BikeWo signs MoU to acquire 51% stake in PositiEV Mobility
BikeWo Green Tech Limited has signed an MoU to acquire a 51% stake in PositiEV Mobility. The proposed partnership aims to build an integrated EV mobility platform, while PositiEV founder Hiten Pal Saklani is expected to become BikeWo's CEO after necessary approvals.
Hyderabad: BikeWo Green Tech Limited has entered into an MoU with PositiEV Mobility Private Limited, setting out the Parties’ mutual intention to pursue a strategic partnership through a proposed transaction under which BikeWo proposes to acquire a majority stake (51%) in PositiEV Mobility.
The MoU further records the Parties’ intention that, upon successful completion of the proposed transaction, Hiten Pal Saklani, Founder of PositiEV Mobility, would assume the role of Chief Executive Officer of BikeWo Green Tech Limited, subject to the approval of the Board of Directors and execution of definitive agreements.
The proposed transaction would represent a significant milestone in BikeWo’s journey towards creating an integrated platform that brings together EV retail, leasing, financing, charging infrastructure, battery swapping, fleet solutions and after-sales services under one ecosystem.
Founded by Hiten Pal Saklani, PositiEV Mobility has built a technology-enabled platform focused on commercial EV distribution and leasing by integrating financing, charging infrastructure, maintenance and fleet operations.
Manideep Katepalli, Chairman & Managing Director, BikeWo Green Tech Limited, said, “We believe this partnership has the potential to create one of India’s most integrated EV mobility platforms.”
