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/mando-begins-mass-production-of-mgh-100-brake-system/102707