As per this agreement, Anand Group will hold 40 percent and Mando Corp 60 percent in this joint venture and both the companies will manufacture electric motor parts for two two-wheeler original equipment manufacturers by October this year.
Anand Group And Mando Corp
Auto components maker Anand Group has joined hands with South Korean company Mando Corporation to manufacture components for electric vehicles. Both the companies have decided to share their synergy, capability and experience to set up their second joint venture in the country. Anand Mando E Mobility Private Limited will manufacture and market Electric Vehicles (EV) components for two and three wheelers.
According to this agreement, Anand Group will have 40 percent and Mando Corp 60 percent in this joint venture. The two companies had earlier entered into an agreement to set up Mando Automotive India Private Limited (MAIL) in 1997. Which manufactures the brake system. Both these companies have further strengthened their association since 2012. Anand Group acquired Mando Steering Systems India Limited in 2012. The objective of this collaboration of Anand Group with Mando Corporation is to manufacture better products.
Anjali Singh, Executive Chairperson, Anand Group, said, “I am confident that this partnership will be long-term to successfully build better products and systems for the Indian Electric Vehicle Industry.”
This combined manufacturing facility can be set up in Rajasthan, which will generate employment for 350 to 450 people. There is a plan to invest more than Rs 50 crore in this facility over a period of three years. The joint venture aims to develop electric motor parts for two leading two-wheeler original equipment manufacturers by October this year. With this, the production of other parts will start by 2022.
Jaisal Singh, Co-President, Mando Automotive India, said, “Anand Mando eMobility clearly has the engineering capability and technical know-how to meet the growing demand for motor and controller components in India. He said that with the investment being made on setting up the production facility, the joint venture is expected to achieve a turnover of Rs 500 crore by 2025.
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