Mitsui & Co. of Japan announced its investment of USD 14 Million(₹98 crores) to set up a manufacturing facility for electric vehicles in India. The investment is in partnership with Taiwanese Motor manufacturer TECO Electric Machinery Co.
Mitsui And TECO To Make EV Motors In India | Highlights
- Mitsui made an investment of 40% on the plant and infrastructure with a joint venture TEMICO with 60% investment in April 2018. The Investment on the plant was to pursue development, manufacturing and sales of electric vehicle motors and electric powertrains globally.
- The new plant will be set up in Bengaluru with a production capacity of 1,10,000 motors per year which expected to commence by the end of 2020.
- The new plant is said to create 200 jobs, contributing to the growth of electric vehicles in the Indian industry. The new plant will result in controlling as well as declining the already risen air pollution.
- The joint venture will establish a local company, TEMICO India, to create a plant, leading in traction motor for electric vehicles. The TECO specialises in the production of high quality, competitive industrial and EV traction motors, while Mitsui brings global business expertise to the joint venture.
- Mitsui & Co India Managing director Shinichiro Omachi said sustainability and mobility are the key areas for Mitsui which is why they are investing more in EV business. The new plant is Mitsui’s second major EV venture in India, followed by investment in SmartE, a 3-wheeler electric mobility service in July 2019.