Auto component maker ANAND Group said it has joined hands with South Korea’s Mando Corporation to cater to the growing electric vehicles segment in the country. Both the companies have decided to leverage their existing synergies, capabilities, and experience to establish their second joint venture in the country – ANAND Mando eMobility Pvt Ltd, to manufacture and market electric vehicle (EV) components for the two and three-wheelers.
As per the pact, the ANAND Group and Mando would hold 60 and 40 per cent stake respectively in the JV entity. The JV plans to come with a manufacturing facility in Rajasthan which would employ about 350-450 people.
A capital investment of over Rs 50 crore is planned to be deployed in the facility 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 this year. Other parts would start rolling out of the plant in mid- 2022.