Electric vehicles and technology company EKA Mobility has tied up with Mitsui & Co Ltd (Japan) and VDL Groep (Netherlands) to set up global original equipment manufacturers (OEMs) in India.
As part of the agreement, EKA Mobility will receive $100 million from Mitsui, a global trading and investment company, and an equity partnership from VDL Groep, a Dutch technology and manufacturing company. “The partnership represents a significant step toward making India a global hub for electric vehicle manufacturing,” said Sudhir Mehta, Founder and Chairman of EKA Mobility.
The investment will enable the company to scale up its manufacturing operations and expand its product portfolio. Moreover, Mitsui will support the company in selecting emerging markets and establishing systems and processes for exports.
According to Nobuyoshi Umezawa, GM of Mobility Business Division at Mitsui & Co India, “We aim to contribute to ‘Make in India’ by leveraging EKA’s engineering and local network and VDL’s cutting-edge technological capabilities.”
Meanwhile, VDL Bus & Coach, a subsidiary of VDL Groep and Europe’s frontrunner in electric buses and coaches, will support EKA Mobility by transferring technology to produce electric buses in India for the Indian market.
“We are delighted to partner with EKA Mobility and Mitsui. We see many opportunities in India, which is obviously a promising growth market,” said Rolf-Jan Zweep, CEO of VDL Bus & Coach.
The partnership is one of the largest in the new mobility segment in India, bringing together three automotive conglomerates in Asia and Europe.