Mercury EV-Tech Limited has taken a significant step towards expanding its business by incorporating a new subsidiary, Global Mercury Container Private Limited, as approved by the Ministry of Corporate Affairs. The company passed a resolution in its board meeting on December 17, 2024, to establish the subsidiary with an authorized capital of ₹10,00,000 and paid-up capital of ₹10,00,000. Mercury EV-Tech will invest ₹6,00,000 in the subsidiary by subscribing to 60,000 equity shares, which represent 60% of the paid-up capital, at a face value of ₹10 per share.
The primary business focus of Global Mercury Container Private Limited will be the manufacturing and dealing of ISO shipping containers, top cover systems for containers, skeleton containers, and specialized provision containers. This aligns well with Mercury EV-Tech’s existing business operations. The acquisition does not involve any related party transactions and does not require any governmental or regulatory approvals. The company expects to complete the subsidiary incorporation within the prescribed time frame set by applicable laws.
In addition to this, Mercury EV-Tech has made noteworthy progress in expanding its market presence. The company has strengthened its position in West Bengal 3W market by acquiring a 70% stake in Hightech Automotive Private Limited for ₹3.5 million. This strategic move is aimed at leveraging Hightech’s existing infrastructure and client base, which is expected to drive market share growth and profitability. Furthermore, Mercury EV-Tech has received approval from the Gujarat Energy Development Agency (GEDA) for the marketing and distribution of lithium-ion battery-powered e-rickshaws in Gujarat for the financial year 2024-25.
Previously known as Mercury Metals Limited, Mercury EV-Tech is involved in the manufacturing of electric scooters, electric cars, electric buses, electric vintage cars, electric golf carts, and other electric vehicles in India. With a market capitalization of ₹1,588 crore, the company has reported positive quarterly (Q2FY25) and half-yearly (H1FY25) results. As of November 2024, Foreign Institutional Investors (FII) have acquired 30,00,000 shares, increasing their stake in the company to 1.72% from the previous quarter (September 2024). Over the last two years, the stock has delivered an impressive return of 650%, 10,550% over three years, and a staggering 25,750% over five years, establishing itself as a multi-bagger stock.
