ANAND Group and Mando Corporation announce the set-up of a new Joint Venture Company called ANAND Mando eMobility
The Joint Venture (JV) Partners collaborated for the first time in 1997 with the set-up of Mando Automotive India Private Limited (MAIPL) to manufacture state-of-the-art brake systems. The relationship was further strengthened in 2012 when the ANAND Group acquired a stake in Mando Steering Systems India Limited. This relationship has evolved and strengthened over the period of time.
In order to capitalise on the emerging opportunity in the 2/3 - Wheeler
Powertrain electrification, both partners felt that it was the right time to
enter into the components and systems market in India. They have decided to
leverage existing synergies, respective capabilities, and their vast experience
in the auto component industry to establish their second Joint Venture in
India, ANAND Mando eMobility Private Limited, for manufacturing and marketing
Electric Vehicle (EV) components and systems for the 2/3 - Wheeler
applications. The new Joint Venture Company will deliver a technologically
enhanced product using Mando’s engineering capability. The ANAND Group will
hold a majority stake of 60% in the Joint Venture, with Mando Corporation’s at
40%.
Automotive electrification is a national level priority for the
Government of India. The Government has chalked out ambitious electrification
targets for 2/3 - Wheelers in the coming years. In this regard, a major thrust
is being given to the electrification of 2 - Wheelers, 3 - Wheelers and Buses
through various incentives under FAME II (Scheme for Faster Adoption and
Manufacturing Electric Vehicle in India).
This augments well with the ANAND Group and Mando Corporation’s
commitment to achieve a cleaner and sustainable environment. ANAND Mando
eMobility will support the ‘Atmanirbhar’ initiative of the Government of India
by providing a localised cost-effective alternative to imports. The factory
premises is being set-up in Rajasthan to maximise the available ecosystem and
incentives offered. It will be built in an area of about 60,000 sq. ft. with
scope for future expansion and will employ about 350-450 people. A capital
investment of more than 50 Crore INR is planned to be deployed in the areas of
product engineering & testing and manufacturing equipment over a period of
3 years.
ANAND Mando eMobility intends to address the varied and complex Indian
driving conditions, catering to vehicles from low-speed scooters to high-speed
motorbikes and Passenger carrying Auto rickshaws to load carrying 3-Wheelers.
It will focus on the manufacturing of a robust, reliable, and efficient
Powertrain in the form of a matched pair of Motor and Controller, for the 2/3 -
Wheeler market.
Notable are the achievements in agility and speed of evolution of the
business — From Proof of Concept at Mando Korea to the product launch in India
covering the phases of design, development, validation, setting-up of the
manufacturing factory and start of production, all in a span of less than 9 months.
Excellence has been central to the journey from Concept to Start of Production,
resulting in the creation of a world-class production facility.
ANAND Mando eMobility aspires to achieve a turnover of 500 Crore INR
by 2025. The Hub Motor will be ready to be launched for two leading 2 - Wheeler
EV Original Equipment Manufacturers (OEMs) by October 2021. The product
launches will continue with the Center/Mid-Drive Motor in mid- 2022 followed by
a stream of variants thereafter.
Mrs. Anjali Singh, Executive Chairperson of ANAND Group, said: “ANAND
Group is conscious about the current environmental challenges and is committed
towards making the world a greener place to live. It is our continuous
endeavour to partner with the best in the world and bring in pioneering
technology to cater to the Indian OEMs. 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 Electric Vehicle industry.”
Mr. Jaisal Singh, Co-Chairman, Mando
Automotive India Private Limited, said: “The market for Electric Vehicle
Components is expected to grow at a CAGR of around 22% till 2030. ANAND Mando
eMobility clearly has the engineering capability and technological knowhow to
service the growing demand for Motor and Controller components in India. With
the kind of investments we are making in establishing a world-class production
facility, and, of course, recruiting top human talent, I am confident that we
will be a preferred supplier and shall achieve a turnover of 500 Crore INR by
2025. The target set by the Government of India for the electrification of the
automobile sector in India has led to the Electric Vehicle market in India
gaining a momentum, especially after the implementation of the FAME India
scheme. And, it is only natural for us to be a part of this exciting story that
will be a key factor in ensuring a cleaner and healthier planet for future
generations.
“For the past two
decades, Mando Corporation and ANAND Group have worked together as JV partners
to create synergies for each other. The 2 - Wheeler and 3 - Wheeler segments in
India have seen a rise of the Electric Vehicles in large numbers, driving the
green mobility initiatives in India. We are extremely pleased to establish
another JV with ANAND Group, a great JV partner, for new technologies related to
2/3 - Wheel motors in the rapidly growing Indian EV market. It is our endeavour
and commitment at ANAND Mando eMobility to support this impending vehicle
technology transition. The varied and complex Indian driving conditions also
provide us with a unique opportunity to deliver robust, reliable, and efficient
Powertrain products for the 2/3 -Wheeler market. Leveraging on the synergies
between the Joint Venture partners, ANAND Mando eMobility will be able to
manufacture efficient and environment friendly motors and motor controllers
catering to a wide range of vehicles from scooters and bikes to Auto rickshaws
and load carrying 3 - Wheelers.” said Mr. Seong Hyeon Cho, President and
Representative Director of Mando Corporation.
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