Magna Invests $35M in India's Yuma Energy
Summary
Canadian auto supplier Magna has injected $35 million into Indian battery-swapping firm Yuma Energy, raising its total commitment to $87 million.
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Canadian automotive supplier Magna has increased its commitment to India's electric mobility ecosystem by investing $35 million in battery-swapping provider Yuma Energy.
With this latest capital injection, Magna's total investment in Yuma Energy has reached $87 million. The transaction allows the Canadian company to expand its existing majority stake in the Indian firm.
The additional funding will support the growth of Yuma Energy's battery-swapping infrastructure across the Indian market as adoption of electric two- and three-wheelers accelerates.
Source: TechCrunch
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