Anand Group partners Mando Corporation to develop EV components
Anand Group an Auto component maker has partnered with South Korea’s Mando Corporation to cater to the growth of the electric vehicles segment in India. As per the partnership, both the companies will leverage their existing synergies, capabilities, and experience to build a new company in the country.
Anand Group partners South Korea’s Mando Corporation
Anand Mando eMobility Pvt Ltd will manufacture and market electric vehicles components for electric two-wheelers and three-wheelers. In the partnership, the Anand Group has the share of 60 per cent and Mando 40 per cent as the joint venture.
The duo partnership aims to develop electric motors for leading electric two-wheeler Original Equipment Manufacturers (OEMs) by October 2021. It plans for a manufacturing facility in Rajasthan which will employ 350 to 450 people. Rs 50 crore of capital investment is planned to deploy in the manufacturing facility over 3 years.
Anand Group Executive Chairperson Anjali Singh said “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.”
“Leveraging on the synergies between the two partners, the JV would be able to manufacture efficient and environment-friendly motors and motor controllers catering to a wide range of vehicles from scooters and bikes to auto rickshaws and load-carrying three-wheelers,” President and Representative Director of Mando Corporation Seong Hyeon Cho told.
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