New electric mobility firm takes shape: Anand Group and Mando Corp

The new JV company will deliver a technologically- enhanced product using Mando’s engineering capability. The Anand Group will hold a majority stake of 60% in the JV

By:July 31, 2021 9:29 AM
electric vehicles are cleaner than ice cars - study

Anand Group and Mando Corporation have tied up to supply motor and controllers for the emerging 2/3-wheeler electric vehicle market. The joint venture partners collaborated for the first time in 1997, with the set-up of Mando Automotive India Private Ltd (MAIPL) to manufacture brake systems. This relationship was strengthened in 2012 when the Anand Group acquired a stake in Mando Steering Systems India Ltd.

In order to capitalise on the opportunity in the 2/3-wheeler powertrain electrification, both partners said they felt it was the right time to enter the components and systems market in India. They said they have decided to leverage existing synergies, respective capabilities, and their experience in the auto component industry to establish a second JV in India, AnandMando eMobility Private Ltd, for manufacturing and marketing EV components and systems for the 2/3- wheeler applications.

The new JV company will deliver a technologically- enhanced product using Mando’s engineering capability. The Anand Group will hold a majority stake of 60% in the JV, with Mando Corp’s at 40%. Automotive electrification is a national level priority for the Indian government, which has chalked out ambitious electrification targets. In this regard, a major thrust is being given to the electrification of 2-wheelers, 3-wheelers and buses through incentives under FAME-II.

“This augments well with the AnandGroup and Mando Corp’s commitment to achieve a cleaner and sustainable environment. Anand Mando eMobility will support the ‘Atmanirbhar’ initiative of the Indian government by providing 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 be built in an area of about 60,000 sq-ft,with scope for future expansion, and will employ 350-450 people. A capital investment of over `50 crore is planned to be deployed in the areas of product engineering and testing and manufacturing equipment over three years.”

Anjali Singh, executive chairperson of Anand Group, said: “We are conscious about the environmental challenges and are committed towards making the world a greener place to live. It is our endeavor to partner with the best in the world and bring in pioneering technology to cater to Indian OEMs.The tie-up with Mando Corpis in line with the key ethos of the AnandGroup’svision, to create value sustainably through the pursuit of excellence.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Auto News