Companies

Anand Group, Mando Corporation tie up to develop components for EVs

Our Bureau New Delhi | Updated on July 27, 2021

Will provide localised cost-effective alternative to imports

Auto components maker Anand Group and South Korea-based Mando Corporation have joined hands to supply motor and controller for the two/ three-wheeler electric vehicle (EV) market.

The new joint venture (JV) company will deliver a technologically enhanced product using Mando’s engineering capability. The Anand Group will hold 60 per cent stake in the JV, while Mando will hold the rest, a statement issued on Tuesday said.

The JV company — Anand Mando eMobility — will provide localised cost-effective alternative to imports. The factory premises is being set up in Rajasthan.

It will employ about 350-450 people and a capital investment of more than ₹50 crore is planned to be deployed in the areas of product engineering and testing and manufacturing equipment over a period of three years, Anand Group said.

“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 EV industry,” Anjali Singh, Executive Chairperson of Anand Group, said.

The JV aims to develop electric motor parts for two leading two-wheeler original equipment manufacturers (OEMs) by October and other parts will start rolling out of the plant in mid-2022, the company said.

According to Jaisal Singh, Co-Chairman, Mando Automotive India, “The market for EV components is expected to grow at a compound annual growth rate of around 22 per cent till 2030. Anand Mando eMobility clearly has the engineering capability and technological know-how to service the growing demand for motor and controller components in India.”

With the investment the company is making in establishing a world-class production facility, it is confident of achieving a turnover of ₹500 crore by 2025, he added.

Published on July 27, 2021

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