Omega Seiki Mobility to Invest $981 Million to Set Up EV Parts Plants in IndiaThe company has formed a joint venture with iM3NY, a US-based battery technology company, to bring its cell technology to the Indian markets and manufacture it locally.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Omega Seiki Mobility has announced to invest $981 million to build two facilities in India to manufacture electric vehicle components such as batteries and power trains, said areport.
The company has formed a joint venture with iM3NY, a US-based battery technology company, to bring its cell technology to the Indian markets and manufacture it locally.
The company will also manufacture six electric vehicle powertrains with power capacities ranging from 7kWh to 34kWh, based on Omega Seiki Mobility's South Korean joint venture partner Jae Sung's technology in its bid to become a completely integrated EV (electric vehicle) OEM.
According to estimates of Arthur D. Little, the demand for Lithium-ion batteries is set to go up. The need for 20 gWh batteries is going to increase considerably by 2030 making it crucial to increase the cell manufacturing in India. Currently, India imports approximately 70 per cent of its lithium-ion cells from China and Hong Kong due to lack of local production and manufacturing.
The company stated its battery facility in Maharashtra would have a capacity of 0.5 gigawatt initially and scale up to two gigawatt whereas its power train plant in Haryana would produce 10,000 units by 2024.
