EV startup Mecwin India infuses Rs 50 Cr to set up manufacturing plant in Bengaluru
Electric vehicle startupIndia on Friday said it is going to invest Rs 50 crore for setting up a manufacturing plant for EV motors and controllers in Bengaluru.
The facility will cater to the demand for indigenous mid-drive and hub motors along with controllers from EV OEMs (Original Equipment Manufacturers) in India, it said in a statement.
The plant, which will become operational by this year-end, will have an initial manufacturing capacity of 2,000 units per day, it was stated.
"As demand for electric vehicles takes off in India, the time is right for enhancing our manufacturing capacity and contributing to the growth of the EV segment. We also plan to gradually scale up capacity as demand rises," Mecwin India's Co-founder and Director Shiva Kumar H M said.
The announcement comes just months after Mecwin India announced its foray into the EV retrofitting segment with a Rs 1,500-crore deal with Raipur-based Tatva Group.
As a part of the deal, Mecwin India will manufacture and supply five lakh retrofitting kits, which include motor, controller, lithium-ion battery, and charger, for different kinds of vehicles over the next three years to Tatva Group, the statement added.