Join our Waitlist for Expert Advice!

Omega Seiki Mobility to Invest $981 Million to Set Up EV Parts Plants in India 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.

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

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 a report.

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.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Money & Finance

Customers Have a Favorite Payment Method — But 30% of Businesses Don't Accept It. Are You Driving Business Away?

This article examines the surprising gap between what consumers want in payment options and what small businesses currently offer. It also provides strategies for small business owners looking to adapt to these preferences and enhance customer loyalty.

Leadership

Could We Have The First Native American Woman Governor? DEI Expert Weighs In On What Allyship Should Look Like If History Is Made.

We can all learn more about what it means to be a better ally for those who are the "firsts" in their space. Here are three strategies around allyship this DEI expert recommends to her diversity, equity and inclusion (DEI) consultancy clients.

Business News

'Additional Human Touch': Starbucks Has a Turnaround Plan That Includes Buying 200,000 Sharpies. Here's Why.

Faced with declining sales, Starbucks has a comeback plan that involves several changes to stores and menus. Here's a look at the changes coming to your store.

Growing a Business

How to Effectively Manage Intangible Assets for Long-Term Business Success

Intangible assets, unlike physical ones, may evolve to a point where the business objective no longer has the capacity to utilize them effectively. This evolution triggers the need for transformation, potentially turning an intangible asset into a product for sale.