EKA Mobility, based in Pune, has formed a strategic alliance with Japan's Mitsui & Company and the Netherlands' VDL Groep to manufacture electric buses and light commercial vehicles in the country.
According to the agreement, Mitsui and VDL will each invest $100 million (approximately Rs 830 crore) in EKA Mobility for'significant' minority stakes. The funds will be used to expand research and development and improve manufacturing capacity.
EKA Mobility, which commissioned a production unit in Pune earlier this year, plans to scale up production capacity to roll out 5000 electric buses and 6000 light commercial vehicles per annum in the first phase. This would be further increased to produce 12,000 electric buses and commercial vehicles each in the medium term, as per market demand.
According to Sudhir Mehta, Founder and Chairman of EKA Mobility, this is one of the largest and most significant partnerships in India's new mobility segment, bringing together the strengths and expertise of three leading automotive conglomerates in Asia and Europe to accelerate the development and adoption of innovative electric mobility remedies.
"As part of the collaboration, Mitsui and VDL Groep will make strategic investments in EKA Mobility to develop a range of electric buses and light commercial vehicles for last-mile connectivity." These will be manufactured in the country and sold in markets in Africa, Asia, and Latin America."
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