ATD Group and UK's SRAM & MRAM Group has announced plans to invest Rs 100 crore for their foray into electric mobility in India through a joint venture (JV), Canopus.
As part of the plans, Canopus will launch four electric two-wheeler models -- Aurora, Scarlett, Colette and Valeria -- in March 2022, which will be imported initially from Malaysia.
The two partners have chalked out an investment of Rs 100 crore in the EV segment from January 2022 to March 2023 in a phased manner, where Rs 35 crore each will be invested in the Phase-I and II and the remaining Rs 30 crore is planned to be invested in the Phase-III.
Of the total Rs 100 crore investment, 90 percent will be borne by the SRAM & MRAM Group and the rest by ATD Group.