Electric two-wheeler maker Okinawa Autotech is in an advanced stage of talks to raise USD 100 million (about Rs 800 crore) from private equity firms, with a deal likely to be signed shortly.

The funds will be deployed to commission its third manufacturing facility in Rajasthan, which will have a total installed capacity of one million units. It will be engaged in the development of new products and manufacturing of powertrains indigenously.

The new unit is scheduled to be commissioned by the end of the ongoing financial year (FY), while the facility at Alwar, Rajasthan has a current production capacity of 3,00,000 units annually.

The company, which notched up sales of 120,000 electric scooters in the last FY, is set to introduce its first electric motorcycle in the latter part of this year. Additionally, it is working on expanding its distribution network to 700 sales outlets by the end of the FY, from the current 540, to contribute to a targeted growth of by 30 to 40 percent.

Okinawa Autotech further plans to invest Rs 800-1,000 crore over the next three years to achieve a million units per annum of sales volume by 2025-2026.