The multi-company Anand Group and Mando Corporation are to set up a new joint venture called Anand Mando eMobility, aimed at tapping the growing market for two- and three-wheeler powertrain electrification. The Anand Group will hold a majority stake of 60% in the JV, with Mando Corporation the balance 40%. This will be the second JV between the two component manufacturers.
The new plant, spread across 60,000 square feet, is being set up in Rajasthan availing state government incentives. The facility, set up with a Rs 50 crore investment, will employ about 350-450 people.
Anand Mando eMobility aims to address the varied and complex Indian driving conditions, catering to vehicles from low-speed scooters to high-speed motorbikes and passenger-carrying autorickshaws to load-carrying three-wheelers. The company plans to focus on manufacturing of a robust, reliable, and efficient e-powertrain in the form of a matched pair of motor and controller, for the two- and three-wheeler market.
The hub motor will be launched for two leading electric two-wheeler 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. The JV is targeting a turnover of Rs 500 crore by 2025.
Mrs. 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. 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.”
Seong Hyeon Cho, President and Representative Director of Mando Corporation, said: “
“For the past two decades, Mando Corporation and Anand Group have worked together as JV partners to create synergies for each other. The two- and three-wheeler segments in India have seen a rise of EVs in large numbers, driving the green mobility initiatives in India. We are extremely pleased to establish another JV with Anand Group for new technologies related to 2/3-wheel motors in the rapidly growing Indian EV market.”
READ MORE Anand Group to set up new JVs to tap electrification trend