Mitsui and Teco Will Build EV Manufacturing Plant in India
- The plant in Bengaluru will create 200 jobs says Mitsui
- Mitsui had invested Rs 100 crore in electric mobility service provider SmartE this July
Mitsui & Company has tied up with Teco Electric & Machinery Co Ltd to manufacture electric vehicles (EVs) in India. The two companies, through a joint venture named Temico India aims to build a 14 million dollars’ worth production facility in Bengaluru. This unit will have an annual capacity to produce 1,10,000 electric motors. The manufacturing operations is likely to commence by the end of next year. Teco and Mitsui holds a 60 per cent and 40 per cent stake in Temico India respectively.
200 jobs creation
Shinichiro Omachi, managing director Mitsui & Co India said, “The plant will create 200 jobs and will contribute to the growth of India’s EV industry, local manufacturing and reducing air pollution. Sustainability and mobility are key growth areas for Mitsui, and we are investing more in EV businesses as the world moves towards a low-carbon society.
The official note from the company said that the investment is being made to pursue the objective of development, manufacturing and sales of EV motors and powertrains in the global market. In July this year, Mitsui had invested Rs 100 crore in Delhi based electric mobility service provider SmartE through its series B funding.