New Delhi
ANAND Group and
Mando Corporation have formed a joint venture (JV) to supply motor and
controller for the emerging two-wheeler and three-wheeler electric vehicle (EV)
market.
The companies
will establish their second JV in India called ANAND Mando eMobility Private
Limited. This new company will manufacture and market EV components and systems
for the 2/3 - wheeler powertrain applications.
ANAND Group will
hold the majority stake of 60% in the JV while Mando Corporations will have
40%.
The new factory
premises will be set-up in Rajasthan in an area of about 60,000 sq. ft. with
scope for future expansion. It will employ 350-450 people. There will be a
capital investment of Rs 500 million in the areas of product engineering,
testing and manufacturing equipment over a period of 3 years.
ANAND Mando
eMobility intends to address the varied and complex Indian driving conditions.
It aspires to achieve a turnover of Rs 5 billion by 2025. The Hub Motor will be
ready to launch for two leading 2 - Wheeler EV Original Equipment Manufacturers
(OEMs) by October 2021.
The two
companies had earlier collaborated in 1997 with the set-up of Mando Automotive
India Private Limited (MAIPL) to manufacture state-of-the-art brake systems.
Source – ET Auto
Image Source: Anand Group Website
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https://www.automotiveproductsfinder.com/news/anand-group-forms-jv-with-joyson-safety-systems/123173
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