Erisha E Mobility Private Limited, a venture under Rana Group, has secured a $1 billion investment from a UAE-based investor to expand its operations globally, the company announced Monday.
The investment will fund Erisha's expansion into the UAE, Saudi Arabia, USA, Europe, and several African nations, while strengthening its existing business in India. The capital will support the development of smart manufacturing hubs focused on sustainable energy solutions.
The UAE investor, described as an industrial company with experience in construction and heavy machinery, will partner with Erisha to engineer and operate facilities dedicated to electric and hydrogen vehicles, renewable energy equipment, and semiconductor production.
Erisha has simultaneously formed a partnership with China Construction Eighth Engineering Division Co. Ltd. (CCEED), a subsidiary of China State Construction Engineering Co. Ltd., which will serve as the engineering, procurement, and construction contractor for the smart manufacturing hub in the UAE.
"This strategic investment and collaboration underscore our commitment to revolutionizing the green energy sector on a global scale," said Dr. Darshan Rana, Managing Director and Chairman of Erisha E Mobility.
The smart manufacturing hub will integrate industrial facilities with residential, commercial, and institutional components, including educational institutions, hospitals, shopping complexes, and office spaces.
Erisha E Mobility specializes in electric vehicles across multiple segments, including three-wheelers, cargo vehicles, buses, and trucks. The company also develops hydrogen fuel cells and combustion engines in collaboration with European partners.
Founded in 2008 as a construction company, Rana Group has diversified into multiple sectors including infrastructure, electric vehicles, aerospace, hydrogen technology, real estate, and healthcare. The group maintains partnerships with international original equipment manufacturers and global companies for their Indian operations.
The investment comes as governments worldwide push for reduced carbon emissions in transportation. India has set ambitious targets for electric vehicle adoption, aiming for 30% of private cars, 70% of commercial vehicles, and 80% of two and three-wheelers to be electric by 2030.