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Mumbai based Lord’s Mark Industries Pvt Ltd has entered into a joint venture with Kerala Automobiles Ltd (KAL) for the manufacture of electric vehicles (EVs).
The first production facility of the joint venture (JV) Jwill be set up at Kannur in Kerala at an estimated investment of R20-30 crore.
Commercial production at the Kannur unit is expected to commence in December. Operations will, subsequently, be expanded on a pan-India basis by partnering with OEMs. Eastern Europe and Africa will be key export markets for the company.
Lord’s Mark Industries will be the maximum shareholder in the joint venture.
Shift towards e-mobility
The JV will also undertake R&D activities to manufacture technologically advanced and energy-efficient EV products. Plans are in progress to develop latest technology to drive innovation and efficiency across the EV value chain.
“Kerala was one of the first states in India to draft an e-vehicle policy and has been in the forefront of boosting clean energy initiatives in the country’s transport sector. Through our strategic partnership with Lord’s Mark Industries, we will be playing a pivotal role in accelerating the shift towards e-mobility and ensuring sustainable development of the state,” said P.V Saseendran, Managing Director from KAL.
“Through our JV with KAL, we aim to build a robust indigenous EV ecosystem and help in positioning India as one of the leading global manufacturing hubs for EVs. KAL will be in an improved position to leverage the pan-India distribution network of Lord’s Mark Industries to expand their market scale and distribution outreach,” said Sachidanand Upadhyay, Founder, Lord’s Mark Industries Pvt Ltd.
An independent study by CEEW Centre for Energy Finance (CEEW-CEF) has estimated that should India stay on course to achieve its electric vehicles ambition and targets by 2030, it would create a market opportunity worth $206 billion. India’s push towards green mobility would be a key step towards improving the country’s fuel economy, reducing greenhouse gas (GHG) emissions and combating climate change.
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