Mitsui and VDL Group will collaborate with EKA Mobility; a combined investment of Rs 850 crore is anticipated

 Mitsui and VDL Group will collaborate with EKA Mobility; a combined investment of Rs 850 crore is anticipated

Mitsui and VDL Group will collaborate with EKA Mobility; a combined investment of Rs 850 crore is anticipated

According to a statement from the business, EKA Mobility will benefit from a major and strategic investment, technical assistance, and an equity cooperation with Mitsui and VDL Group, two of the top Dutch technology companies.

The manufacturer of electric vehicles, EKA Mobility, said on Wednesday that it has teamed up with the Netherlands' VDL Group and Japan's Mitsui & Co Ltd to propose a combined investment of more than USD 100 million (about Rs 850 crore) spread over many years.

According to a statement from the business, EKA Mobility will benefit from a major and strategic investment, technical assistance, and an equity cooperation with Mitsui and VDL Group, two of the top Dutch technology companies.

It did not, however, go into depth on the partnership's finances.

"With a combined investment of over US$100 million across segments, this collaboration is going to establish India as a global manufacturing and sourcing hub for electric vehicles," claimed the statement.

The collaboration, according to Sudhir Mehta, Founder and Chairman of EKA Mobility, is a significant step toward turning India into a major worldwide center for the production of electric vehicles.

"Through the collaboration of EKA, VDL, and Mitsui, we aim to "Creating in India' by leveraging EKA's excellent design and local network and VDL's cutting-edge technology," said Nobuyoshi Umezawa, General Manager, Mobility Business Division, Mitsui & Co. India. must make a contribution. Ability."

In addition, Umezawa said, "We would like to use our Mitsui worldwide structure to promote the distribution of EKA's affordable goods to overseas markets in order to contribute to creating an environmentally-friendly society."

"Although the foundation of our high-quality the creation and production capabilities is in North-Western Europe, we see many opportunities in India, a nation that is clearly an explosive growth market," said Rolf-Jan Zwepp, CEO of VDL Bus & Coach.

Zwepp stated of the partnership, "We anticipate many synergy benefits, particularly in the areas of acquisition and development." Under the government's auto PLI strategy, EKA Mobility is a recognized producer of commercial vehicles under the Champion Original Equipment producer (OEM) plan and the EV component manufacturing scheme.

More than 5,000 electric light commercial vehicles and more than 500 electric buses are on its order book.

According to the business, all of these vehicles would be entirely developed and produced at EKA's planned manufacturing facilities in Maharashtra and Madhya Pradesh, India.