- The new company named ANAND Mando eMobility Private Limited will be their second joint venture in India
- ANAND Mando eMobility will deliver technologically enhanced products using Mando’s engineering capability
ANAND Group is setting up a joint venture company with Mando Steering Systems India Limited to manufacture and market Electric Vehicle (EV) components and systems for the two and three-wheeler applications. The new company named ANAND Mando eMobility Private Limited will be their second joint venture in India, a joint press release said.
ANAND Mando eMobility will deliver technologically enhanced products using Mando’s engineering capability. The ANAND Group will hold a majority stake of 60 PER CENT in the joint venture, the rest being with the Mando Steering.
The joint venture partners collaborated for the first time in 1997 by setting up Mando Automotive India Private Limited (MAIPL) to manufacture state-of-the-art brake systems. The relationship was further strengthened in 2012 when the ANAND Group acquired a stake in Mando Steering Systems India Limited.
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 about 350-450 people. A capital investment of more than Rs 50 crore is planned to be deployed in the areas of product engineering and testing and manufacturing equipment over a period of 3 years.
Anjali Singh, executive chairperson of ANAND Group, said, “ANAND Group is conscious about the current environmental challenges and is committed towards making the world a greener place to live. It is our continuous endeavour to partner with the best in the world and bring in pioneering technology to cater to the Indian OEMs.
ANAND Mando eMobility said that it aims to achieve a turnover of Rs 500 crore by 2025. The Hub Motor will be ready to be launched for two leading two-wheeler EV original equipment manufacturers (OEMs) by October 2021. The product launches will continue with the Center/Mid-Drive Motor in mid-2022 followed by a stream of variants thereafter.
