Japan’s Musashi Seimitsu Industries announces E-mobility foray in India, to invest Rs 70 crore for EV venture

Musashi India, a manufacturer of two-wheeler and four-wheeler transmission components in India, has announced its foray into the E-mobility space in the Indian market.

Focused on building high-performance and safe auto components, Musashi, a 100% owned subsidiary of Musashi Seimitsu Industries, Japan will manufacture the E-Axle at its Bengaluru plant starting October 2023. Musashi will spend Rs 70 crore in phase-1 to set up an assembly line for the product at its existing manufacturing facility in Bengaluru.

The company has announced expansion into E-mobility through a strategic collaboration with Bharat New-Energy Company (BNC) Motors in India. It has already signed an MoU with Strom in Thailand, EV Go in Vietnam, and Arc Ride in Kenya, and will supply them E- Axles manufactured in India.

Commenting on the EV foray, Toshihisa Otsuka, CEO India and Africa Region said, “Our focus is to provide state-of-the-art components that are essential for the growth and success of electric vehicles. We are confident that our commitment to quality and innovation will contribute significantly to the sustainable development of the Indian automotive industry.”

Musashi India’s entry into the electric mobility market aligns perfectly with the Government’s initiatives to promote electric vehicles and reduce the nation’s carbon footprint.

Besides its home market in Japan, China, North America, and Europe are key markets for Musashi. The company is bullish on the Indian market and expects a growing market share for the EV business, the press release noted.