Omega Seiki Mobility To Invest $250 Million For India Electric Three-Wheeler Plant The company is planning to raise the fund in the form of equity as well as debt
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Omega Seiki Mobility, an electric vehicle manufacturer, has announced its plans to set up an electric three-wheeler manufacturing plant in Karnataka, with an investment of $250 million. As per the company, the plant will be built on 250 acres of land in three phases and with a capacity to produce 1 million electric three-wheelers annually. For this, the company is planning to raise the fund in the form of equity as well as debt.
The new plant will be manufacturing an entire range of its electric three-wheelers: Rage+, Rage+ Frost, Rage+ Swap and Rage+ Tipper. Besides, the new plant will also manufacture the soon-to-be introduced OSM stream which will be an electric three-wheeler passenger carrier, said the company in a statement.
"The organised electric three-wheeler market has exponentially grown by a massive 200 per cent in FY22 as against the previous fiscal. This has helped EV three-wheelers to command a massive 46 per cent of overall three-wheelers' volumes," said Uday Narang, founder and chairman, Omega Seiki Mobility, in a statement.
Omega Seiki Mobility is planning to enter international markets also. The company claimed in a statement that they have already set up joint ventures in Bangladesh, Egypt and UAE and currently has an order book of 50,000 vehicles.
"OSM has focused on integrating its product portfolio and is the only company in India to offer three power pack options; long-range, rapid charging and swappable," said Dr. Deb Mukherji, managing director, OSM, in a statement.
Meanwhile, according to reports, Ola Electric is also expanding its EV aspirations with a new four-wheeler factory set-up, which is going to be a reality soon. Ola had announced INR 2,400 crore investment last year for setting up its first electric scooter factory in Tamil Nadu.
Indian electric vehicle market, reportedly, expected to reach $15,397 billion by 2027, registering a CAGR of 47.09 per cent.