Rana Group to invest Rs 1,900 Cr in EV business
The group said it has signed two MoUs with the UP government and set up 100 EV charging hubs.
Friday May 05, 2023,
2 min Read
Rana Group, which has diversified business interests, on Friday said it will invest Rs 1,900 crore in the electric vehicle business in phases, a top company official said.
The group has also roped in cricketer Sourav Ganguly as a brand ambassador for its three subsidiaries Erisha Agritech, Erisha E Mobility, and Erisha Edu Support.
"We have signed two MoUs with the Uttar Pradesh government. We have to set up 100 EV charging hubs in PPP mode, and the investment will be approximately Rs 400 crore. Another MoU is for an EV park in Jhansi to spread in an area of over 300 acres, and the investment will be around Rs 1,500 crore," Rana Group Chairman and CMD Darshan Singh Rana told PTI on the sidelines of a company event.
Rana Group launched electric two-wheelers and four different apps for smart farming, education, smart charging—for charging stations—and OHEO, complete solutions for electric vehicles, starting from assisting sales, after-sales, financing, insurance, vehicle engagement, passenger service aggregator, organising the labour for porter service, and other related services.
The group announced the opening of 101 showrooms pan India and started billing electric three-wheelers to end customers.
"We will start selling EV 2 Wheelers from July. Our EV charging hub business is expected to start in 2-3 months, and the facility in Jhansi should start within 6-7 months," Singh said.
The company is in the process of fundraising at an estimated valuation of over Rs 4,000 crore, he added.
Edited by Kanishk Singh