Marine Electricals’ subsidiary, Evigo Charge has forged a revenue sharing agreement with Panchshil Tech Park, Pune.
Evigo will set up an electric vehicle charging station at Panchshil premises for the general public.
Evigo said that the profit is to be shared as mutually agreed between the parties. “The term of this agreement shall be for 10 years unless and until earlier terminated as mentioned in the agreement,” it added.
Marine Electricals (India) is engaged in the manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. and is also engaged in the renewable energy sector specifically solar.
It also provides services like designing, fabricating, etc. for all types of electrical & electronic installations in India and abroad and undertakes annual maintenance contracts.
On a consolidated basis, the company’s net profit slipped 23% to Rs 2.93 crore on 15.9% decline in net sales to Rs 90.36 crore in Q2 FY23 over Q2 FY22.
