Auto
component manufacturers Anand Group of India and South Korea based Mando
Corporation have announced the setting up of a new joint venture company called
Anand Mando eMobility Private Limited for manufacturing and marketing Electric
Vehicle (EV) components and systems for the 2/3 -wheeler applications.
The
factory is being set-up in Rajasthan to maximise the available ecosystem and
incentives offered. It will be built in an area of about 60,000 sq. ft. with
scope for future expansion and will employ about 350-450 people. 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
3 years.
This
will be the second joint venture company between the two auto companies. The
new joint venture company will deliver a technologically enhanced product using
Mando’s engineering capability. The Anand Group will hold a majority stake of
60% in the joint venture with Mando Corporation holding the remaining 40%.
The
two companies had collaborated for the first time in 1997 with the set-up of
Mando Automotive India Private Limited (MAIPL) to manufacture state-of-the-art
brake systems. The relationship was further strengthened in 2012 when the Anand
Group acquired a stake in Mando Steering Systems India Limited.
In
order to capitalise on the emerging opportunity in the 2/3 -wheeler powertrain electrification,
both partners felt that it was the right time to enter into the components and
systems market in India. They have decided to leverage existing synergies,
respective capabilities, and their vast experience in the auto component
industry to establish their second Joint Venture in India,
Automotive
electrification is a national level priority for the Government of India. The
Government has chalked out ambitious electrification targets for 2/3- wheelers
in the coming years. In this regard, a major thrust is being given to the
electrification of 2- wheelers, 3- wheelers and buses through various
incentives under FAME II (Scheme for Faster Adoption and Manufacturing Electric
Vehicle in India).
Anand
Mando eMobility intends to address the varied and complex Indian driving
conditions, catering to vehicles from low-speed scooters to high-speed
motorbikes and passenger carrying auto rickshaws to load carrying 3-wheelers.
It will focus on the manufacturing of a robust, reliable, and efficient
Powertrain in the form of a matched pair of motor and controller, for the 2/3 -wheeler
market.
Anand
Mando eMobility aspires to achieve a turnover of Rs 500 crore by 2025. The hub
motor will be ready to be launched for two leading 2-Wheeler EV Original
Equipment Manufacturers (OEMs) by October 2021. The product launches will
continue with the center/mid-drive motor in mid- 2022 followed by a stream of
variants thereafter.
Anjali Singh, Executive Chairperson of Anand Group,
said, “Anand Group is conscious about the current environmental challenges and
is committed towards making the world a greener place to live. It is our
continuous endeavour to partner with the best in the world and bring in
pioneering technology to cater to the Indian OEMs. The collaboration with Mando
Corporation is in line with the key ethos of the ANAND Group’s vision, to
create value sustainably through the pursuit of excellence. I am confident that
this long-term association will continue to evolve by leveraging the synergies
and mutual strengths to successfully create efficient products and systems for
the Indian Electric Vehicle industry.”
Jaisal Singh, Co-Chairman, Mando Automotive
India Private Limited, said, “The market
for electric vehicle components is expected to grow at a CAGR of around 22%
till 2030. Anand Mando eMobility clearly has the engineering capability and
technological knowhow to service the growing demand for Motor and Controller
components in India…”.
“For
the past two decades, Mando Corporation and Anand Group have worked together as
JV partners to create synergies for each other. The 2-Wheeler and 3-Wheeler
segments in India have seen a rise of the Electric Vehicles in large numbers,
driving the green mobility initiatives in India. We are extremely pleased to
establish another JV with Anand Group, a great JV partner, for new technologies
related to 2/3-Wheel motors in the rapidly growing Indian EV market...” said
Seong Hyeon Cho, President and Representative Director of Mando Corporation.