- KSL Cleantech aims to launch over ten models in the country over the next three years
- The partners have a plan to invest around Rs 200 crore in the joint venture
- The JV would primarily focus on electric two and three-wheelers for both commercial and passenger segments
Kolkata-based KSL Cleantech inked a joint venture pact with China’s Huaihai Holding Group to enter the electric vehicle segment. The company aims to launch over ten models in the country over the next three years.
The partners have a plan to invest around Rs 200 crore in the joint venture firm Huaihai-KSL over the next three years to develop new products, establish manufacturing facilities and set up a sales network.
Expectations from the JV
The joint venture would primarily focus on electric two and three-wheelers for both commercial and passenger segments. Going forward, they may also consider developing four-wheeler options for the Indian market.
KSL Group Managing Director Dhiraj Bhagchandka told media that the joint venture will invest Rs 200 crore over the next three years to set up manufacturing, assembly units in the country along with sales network, distribution network, vendor development, and other activities.
He further informed that the company is currently in the process of customising the products to suit Indian conditions. The first model is expected to roll out in the market in the next 3-6 months.
Cathrine Xing, director of Huaihai Holding Group said the company now aims to leverage its decades’ old expertise in the electric vehicle field in the Indian market. She further stated that Huaihai has already ventured in the EV four-wheeler space in China and will also explore such vehicles for the Indian market in the future.
