On Friday, Auto parts maker Shriram Pistons & Rings said its subsidiary would buy a majority stake in electric motor design and manufacturing company EMF Innovations as it moves into electric vehicles.

The company’s wholly-owned subsidiary, SPR Engenious Ltd (SEL), plans to acquire the stake. The financial details of the deal were not disclosed.

Engineering entrepreneurs with substantial R&D and operations in India and Singapore have co-founded EMF Innovations (EMFI).

Krishnakumar Srinivasan, MD and CEO of Shriram Pistons & Rings (SPRL), said that with this strategic investment, the firm aims to expand its presence in the electric vehicle (EV) segment, offering electrified powertrains for all vehicles. Components such as motors and controllers are classified into two-wheelers, three-wheelers, passenger cars, and commercial vehicles.

He added that the alliance would also offer SPRL (via SEL) and EMFI the potential to collaborate and partner to serve clients globally.