Auto components maker Anand Group and South Korea-based Mando Corporation have joined hands to supply motors and controllers for the emerging two and three-wheeler electric vehicle (EV) market.
The new joint venture (JV) company will deliver a technologically enhanced product using Mando’s engineering capability. The Anand Group will hold a majority stake of 60 per cent in the JV, and the rest will be held by Mando Corporation, said a company statement issued on Tuesday.
Manufacturing facility in Rajasthan
The JV company – Anand Mando eMobility — the will provide a localised cost-effective alternative to imports. The factory is being set-up in Rajasthan to maximise the available ecosystem and incentives offered.
It will employ about 350-450 people and a capital investment of more than ₹50 crore is planned to be deployed in the areas of product engineering, testing and manufacturing equipment over a period of three years, Anand Group said.
“The collaboration with Mando Corporation is in line with the key ethos of the Anand Group’s vision, to create value sustainably through the pursuit of excellence. I am confident that this long-term association will continue to evolve by leveraging the synergies and mutual strengths to successfully create efficient products and systems for the Indian EV industry,” Anjali Singh, Executive Chairperson of Anand Group, said.
The JV aims to develop electric motor parts for two leading two-wheeler original equipment manufacturers (OEMs) by October this year and other parts would start rolling out in mid-2022, the company said.
According to Jaisal Singh, co-Chairman, Mando Automotive India, “The market for EV components is expected to grow at a compound annual growth rate of around 22 per cent till 2030. Anand Mando eMobility clearly has the engineering capability and technological knowhow to service the growing demand for motor and controller components in India.”
With the kind of investment the company is making in establishing a world-class production facility, it is confident of achieving a turnover of ₹500 crore by 2025, he added.