ANAND Group and Mando Corporation Form Joint Venture for EV Market

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The global producer of automotive products, ANAND Group has formed a new joint venture (JV) with Mando Corporation, a Korean OEM of automobile parts.

The new JV company named ANAND Mando eMobility will manufacture and supply Motor and Controller for the emerging two and three-wheeler Electric Vehicle (EV) Market.

To capitalize on the emerging opportunity in the two and three-wheeler Powertrain electrification, both partners felt that it was the right time to enter into the components and systems market in India.

The new Joint Venture Company will deliver a technologically enhanced product using Mando’s engineering capability. The ANAND Group will hold a majority stake of 60% in the Joint Venture, with Mando Corporation at 40%.

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Automotive electrification is a national-level priority for the Government of India. ANAND Mando eMobility will support the ‘Atmanirbhar’ initiative of the Government of India by providing a localized cost-effective alternative to imports. The factory premises is being set up in Rajasthan to maximize the available ecosystem and incentives offered. It will be built in an area of about 60,000 sq. ft. with scope for future expansion and will employ about 350-450 people. A capital investment of more than 50 Crore INR is planned to be deployed in the areas of product engineering & testing and manufacturing equipment over 3 years.

ANAND Mando eMobility intends to address the varied and complex Indian driving conditions, catering to vehicles from low-speed scooters to high-speed motorbikes and passenger and commercial three-wheelers. It will focus on the manufacturing of an efficient Powertrain in the form of a matched pair of Motor and Controller, for the electric two and three-wheeler market.

ANAND Mando eMobility aspires to achieve a turnover of 500 Crore INR by 2025. The Hub Motor will be ready to be launched for two leading electric two-wheeler OEMs by October 2021. The product launches will continue with the Center/Mid-Drive Motor through mid-2022 followed by a stream of variants thereafter.

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Speaking of the JV, Executive Chairperson of ANAND Group, Mrs. Anjali Singh stated, “It is our continuous endeavor to bring in pioneering technology to cater to the Indian OEMs. The collaboration with Mando Corporation is in line with the key ethos of the ANAND Group’s vision, to create value sustainably through the pursuit of excellence. I am confident that this long-term association will continue to evolve by leveraging the synergies and mutual strengths to successfully create efficient products and systems for the Indian Electric Vehicle industry.”

“The market for Electric Vehicle Components is expected to grow at a CAGR of around 22% till 2030. We are extremely pleased to establish another JV with ANAND Group, a great JV partner, for new technologies related to two and three-wheel motors in the rapidly growing Indian EV market,” said Mr. Seong Hyeon Cho, President and Representative Director of Mando Corporation.