Cleantech Limited (formerly known as Kirti Solar Limted) has entered into a
Joint Venture (JV) with the China’s Huaihai Holding Group, one of the largest
companies in the field of electric mini vehicles.
Joint venture shall be comprehensive for the Indian market and comprise of
product design, development, manufacturing, product innovation, marketing,
sales, finance, after-sales service and the supply of critical components for
electric vehicles in India.
KSL will invest up to Rs 200 crore in the near future to set up
manufacturing/assembly units in India along with country-wide sales,
distribution network, vendor development, channel sales development, marketing
and brand building.
The production is slated to begin in 2020and will be ramped
up in phases. Already, KSL Cleantech has an existing assembly unit for these
vehicles in Kolkata with the capacity of 10,000 units/annum.
JV will develop technology for a range of electric vehicles including mini,
commercial and passenger vehicles and will draw from the latest in electric
vehicle technology, apply cost-effective design experience and use intelligent
interconnectivity. Huaihai KSL expects to launch up to 10 models in electric
two and three wheelers category based on the market response and need, in
another next 12 - 36 months in India.
current market share for electric two-wheelers in India is 50,000 pieces/ annum
and three-wheelers share is 100,000 pieces/ per annum. The JV is looking at a
consolidated figure of 100,000 pieces in the next three years. Huaihai KSL is
also planning to work under FAME 2 scheme for electric mobility.
Bhagchandka, Managing Director, KSL Group, said, “The JV shall bring together
the strengths of both the companies, harnessing full potential of Huaihai’s
manufacturing and R&D expertise combined with the experience, resources,
knowledge of KSL Cleantech in India.”
Xing, Director, Huaihai Holding Group & GM for International Business,
noted, “Huaihai group has decades of experience & market leadership
position in electric two and three wheelers globally. Through our exclusive
joint venture with KSL Cleantech, we now plan to leverage our expertise in
design & development, sales & service of these vehicles for the Indian
market. Huaihai has already ventured in the electric four wheelers category in
China & we will also explore this range of vehicles for the Indian market
- KSL intends to appoint dealers and distributors across India. Also, it plans
to open a chain of company-owned showrooms in various locations of India to
expand the sales and distribution network. In near future, Huaihai KSL will also
look at operating its own fleet of vehicles as a service offering to major
e-commerce and logistics companies in India.
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