Auto Stock Secures ICAT Approval For The Production of This New Make in India EV Vehicle

Mercury EV-Tech Ltd has announced that it got regulatory approval to unveil the EV vehicle MUSHAK EV. The company officials recently received word from the International Centre for Automotive Technology (ICAT) to begin the production of the battery powered, 4 wheeler goods EV, MUSHAK EV, and as such has heralded a new age for the company. The MUSHAK EV comes with a dynamic max speed of 69 km/h and has a Gross Vehicle Mass of 2,085 kg while also having the capability to seat 2 passengers. The approval gives the company a long term capability to operate without constraint, thus enhancing the reputation of Mercury EV-Tech.

Mercury EV-Tech pointed out that the EV MUSHAK has an indestructible exterior and is 100% 'Make in India.' Furthermore, the vehicle stands to benefit from the forthcoming government subsidies which the company feels would unlock growth opportunities, accelerate revenue growth, and improve overall operational efficiency in the company's scale of production.

The company is spending on branding and retail by developing a new EV showroom along with its new development in Bhavnagar, located close to the Jashonath Circle. This showroom is intended to act as a central pivot for "Make in India" electric vehicles spanning all segments, right from two-wheelers to tempos. Chairman Mr. Jayesh Thakkar underlines with conviction the drive that Mercury EV-Tech has toward India - a self-reliant, self-pollution-free country, supported by self-made batteries and other constituent technologies.

An improved lithium-ion battery pack plant is currently being developed in Vadodara to enhance the prospects of the EV along with the Battery Energy Storage System (BESS). This complements the company's wider umbrella strategy to diversify its verticals onto the cross bundling EV value chain.

The stock exchange has been recently notified by Mercury EV-Tech Limited that the Composite Scheme of Arrangement for the merging of EV Nest Private Limited (Transferor Company) with Mercury EV-Tech Limited (Transferee Company) has been approved by the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench.

Following the sanction of the merger, all assets, liabilities, rights, and employees of EV Nest Private Limited will be transferred to and vested in Mercury EV-Tech Limited, while EV Nest will stand dissolved without winding up. In order to finish the compliance procedure, the firm will now submit e-form INC-28 to the Registrar of Companies within the allotted 30-day period.

Mercury EV-Tech Limited has filed its Monitoring Agency Report for the quarter that ended on September 30, 2025, which includes information on how the funds from its convertible warrants and preferential issue of equity shares were used.

According to the Crisil Ratings Limited review, the firm has mostly utilized the funds in accordance with the specified goals, which include capital expenditures, working capital requirements, repayment of borrowings, conversion of promoter-group unsecured loans, and general corporate reasons. Rs 192.31 crore of the revised issue size of Rs 447.94 crore has been used thus far, leaving Rs 255.63 crore unused. This is mainly because Rs 254.81 crore is still awaiting receipt from warrant holders, who have up to 18 months to exercise their conversion rights.

The 39th Annual General Meeting (AGM) of Mercury EV-Tech Limited has been formally announced. It will take place at the company's registered office in Vadodara, Gujarat, on Monday, December 15, 2025, at 12:00 p.m. IST. Additionally, the company has declared that on Friday, December 12, 2025, shareholders will be able to vote remotely.

The adoption of audited financial statements for FY 2024-2025, the reappointment of Director Mr. Darshankumar Jitendra Shah, the appointment of Mrs. Riya Vinodbhai Sharma as an Independent Director, the appointment of M/s SJV & Associates as Secretarial Auditors for a five-year term, and a special resolution authorizing the Board to provide loans, guarantees, and securities of up to Rs 200 crore each to designated related entities in accordance with Section 185 of the Companies Act, 2013.

Shareholders may participate either by attending the meeting at the venue or through remote e-voting as facilitated by CDSL.

On November 24, 2025, Mercury Ev-Tech Limited announced that it is launching three new dealerships to broaden its footprint in South India. The three new showroom sites are VL EV Auto Hub in Chengalpattu District, MRM Tractors and Enterprise in Cuddalore District (Tamilnadu), and Sri Balamurgan Spare Parts in Tiruvannamalai District. This inauguration is projected to increase the company's market exposure and outreach and is consistent with its commercial expansion goal.