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Anand Group, Mando Corporation JV to develop EV components

Tuesday, 27 Jul 2021
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Auto components maker Anand Group and South Korea-based Mando Corporation have joined hands to supply motors and controllers for the emerging two- and three-wheeler electric vehicle (EV) market.

The new JV will deliver a technologically enhanced product using Mando’s engineering capability. The Anand Group will hold a majority stake of 60 percent in the JV, and the rest will be held by Mando Corporation.

The JV company Anand Mando eMobility will provide a localised cost-effective alternative to imports. The factory is being set up in Rajasthan to maximise the available ecosystem and incentives offered.

It will employ about 350-450 people and a capital investment of more than Rs 50 crore is planned to be deployed in the areas of product engineering, testing, and manufacturing equipment over a period of three years.

The JV aims to develop electric motor parts for two leading two-wheeler original equipment manufacturers (OEMs) by October 2021 and other parts will start rolling out in mid-2022.
 
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