Japan’s Mitsui invests Rs 200 crore in Pune-based EKA Mobility
EKA Mobility, which received a tranche of Rs 200 crore from Japan’s Mitsui & Company, is looking at commissioning a third manufacturing facility for rolling out electric buses and light commercial vehicles in the country the next 12-18 months.
This strategic infusion of capital will be deployed to meet capital expenditures and working capital needs, supporting EKA Mobility’s expansion in the fast-evolving electric vehicle space in the country, Sudhir Mehta, Founder and Chairman, EKA Mobility told ET.
EKA (Pinnacle Mobility Solutions) Mobility — one of the commercial vehicle manufacturers approved under the Champion OEM (Original Equipment Manufacturer) Scheme & EV component manufacturing scheme of the Rs 25,938 crore auto PLI policy — has a strategic partnership with Japan’s Mitsui and Netherlands-based VDL Groep to manufacture electric buses and light commercial vehicles.
EV calculator
How much will I save if I choose an electric vehicle?
SELECT vehicle type
Calculate <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-111144525»>
As per the agreement inked in December 2023, Mitsui and VDL together will invest $100 million (approx Rs 850 crore) in phases, equity, and technology cooperation to create a leading global EV manufacturer in India. While VDL has already made its share of the investment, Mitsui has now completed payments for two of the three tranches agreed upon by the three companies.
Mehta said the company is in the final stages of being allotted land in Pithampur, Madhya Pradesh. EKA Mobility would have operational three manufacturing facilities across Maharashtra
