Foton PMI plans to invest 500 Cr to set up electric bus manufacturing unit in Pune in the next two to three years. The new plant will have a capacity to produce around 500 electric buses per month.
500 Cr to set up electric bus manufacturing unit in Pune
PMI Electro Mobility Solutions Pvt Ltd (PEMSPL) along with its Chinese partner Beiqi Foton Motor Co (Foton) on Thursday said it plans to invest Rs 500 crore for setting up an electric bus manufacturing plant at Pune in the next two to three years.
PEMSPL, which holds 70 per cent in its joint venture also said it has entered into a pact with budget carrier SpiceJet to supply electric buses for its operations at Indira Gandhi International Airport here.
Currently PMI has a manufacturing plant at Daruhera in Haryana for conventional buses which can also roll out electric buses. But with new orders coming in, they have decided to set up an electric bus manufacturing plant at Pune where Foton’s facility is there.
Foton PMI has already supplied 50 electric buses to Himachal State Road Transport Corporation. Now, it has bagged orders to supply 700 electric busses to Uttar Pradesh in the next one year. They will invest around Rs 500 crore at the Pune plant in the next two to three years.
Beiqi Foton Motor has also made an investment of Rs 350 crore since it started India project in 2011.
The new plant will have a capacity to produce around 500 electric buses per month and the construction will start by March next year.
Foton PMI is also in plans to explore the electric commercial vehicles (CV) market in India. The company is also planning to launch other models such as medium high and light electric trucks in future.
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