EV segment: ATD Group, UK's SRAM & MRAM plan Rs 100 cr investment

AgenciesUpdated: Thursday, February 17, 2022, 01:24 PM IST
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As part of the plans, Canopus will launch four electric two-wheeler models -- Aurora, Scarlett, Colette and Valeria -- in March this year, which will be imported initially from Malaysia, a statement said. Representative image | Photo Credit: Pixabay

ATD Group, a Noida-based diversified entity, and UK's SRAM & MRAM Group, a public health emergency management solutions company, on Thursday announced plans to invest Rs 100 crore for their foray into electric mobility in India through a joint venture, Canopus.

As part of the plans, Canopus will launch four electric two-wheeler models -- Aurora, Scarlett, Colette and Valeria -- in March this year, which will be imported initially from Malaysia, a statement said.

The two partners have chalked out an investment of Rs 100 crore in the EV segment from January 2022 to March 2023 in a phased manner, where Rs 35 crore each will be invested in the first and the second phases and the remaining Rs 30 crore is planned to be invested in the third phase.

Canopus said it has set up an R&D centre in Ahmedabad and from April 2022 onwards it will start producing its electric scooters from its production unit in Rajasthan, which will have an initial production capacity of 18,000 units a month. The investment on these two facilities is around Rs 15 crore.

Of the total Rs 100 crore investment, 90 per \cent will be borne by the SRAM & MRAM Group and the rest by ATD Group.

''We are sure of advancing into this new segment (EV) very successfully and helping a huge population to adopt this new technology. The tie-up (with ATD) will provide a portfolio of varied solutions that would help the electric vehicle segment in the existing market with comprehensive customer-centricity,'' SRAM & MRAM Group Chairman Sailesh Lachu Hiranandani said.

ATD Group Chairman Manoranjan Mohanty said apart from supporting the 'Make in India' initiative through the production of electric two-wheelers, the group will also offer charging stations.

Canopus said plans to engage private garage owners and roadside mechanics to re-skill them so that they can service electric scooters.

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