Anand Mando eMobility JV to supply components for two and three-wheeler EV market

Anand Group and Mando Corporation have announced a new JV to manufacture and supply Motor and Controller for the emerging two and three-Wheeler electric vehicle market.

By:Updated: Jul 27, 2021 6:01 PM
Anand Mando eMobility JV

Anand Group and Mando Corporation have announced a new Joint Venture (JV) called Anand Mando eMobility to supply Motor and Controller for the emerging two and three-wheeler electric vehicle market. Anand Group will hold a 60% stake, while Mando Corporation will hold 40% in the JV.

The two companies collaborated for the first time back in 1997 under the name of Mando Automotive India Private Limited (MAIPL) to manufacture brake systems. Later, in 2012, Anand Group acquired a stake in Mando Steering Systems India Limited, and since then, the partnership has grown.

Under the new JV, Anand Mando eMobility is looking to capitalise on the emerging two and three-wheeler electric vehicle market by manufacturing and supplying EV components. The company aims at providing localised parts for EVs as a cost-effective alternative to imported components. A 60,000 square feet manufacturing unit is being set up in Rajasthan that will have the ability to expand in the future. The company will also hire around 400 people, with a planned investment of INR 50 crore.

The company will manufacture products that will cater from low-powered scooters to high-speed motorcycles, three-wheeler rickshaws, and load-carrying three-wheelers. The entire process from proof of concept at Mando Korea to the product launch in India covering the phases of design, development, validation, setting up of the manufacturing factory, and the start of production, is planned to happen in under 9 months.

Commenting on the new venture, Anjali Singh, Executive Chairperson of Anand Group, said, “Anand Group is conscious about the current environmental challenges and is committed to making the world a greener place to live. It is our continuous endeavour to partner with the best in the world and brings in pioneering technology to cater to the Indian OEMs. 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 Electric Vehicle industry.”

Jaisal Singh, Co-Chairman, Mando Automotive India Private Limited, said, “The market for Electric Vehicle Components is expected to grow at a CAGR of around 22% till 2030. Anand Mando eMobility has the engineering capability and technological know-how to service the growing demand for Motor and Controller components in India. With the kind of investments we are making in establishing a world-class production facility, and, of course, recruiting top human talent, I am confident that we will be a preferred supplier and shall achieve a turnover of 500 Crore INR by 2025. The target set by the Government of India for the electrification of the automobile sector in India has led to the Electric Vehicle market in India gaining momentum, especially after the implementation of the FAME India scheme. And, it is only natural for us to be a part of this exciting story that will be a key factor in ensuring a cleaner and healthier planet for future generations.”

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