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)
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
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.
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.
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
Source: Anand Group Website