Kinetic Engineering divests entire Mahindra Two Wheeler stake for Rs.182 crore
The Pune-based Kinetic group will launch a range of battery-operated vehicles for the Indian market. The ‘Campus vehicles’ are battery-operated non-homologated premium electric vehicles, including golf carts. These will target golf courses, hotels, airports and the e-tourism segment and will be introduced by new company, Kinetic Green Technologies.
Speaking to The Hindu, Sulajja Firodia Motwani, Vice-Chairperson, Kinetic Engineering, said, “we are keen on this segment as it lends itself naturally to e-mobility where distances are small, speeds are low and there is need for green transport”. “Initially, we are looking at 300 vehicles per annum priced at Rs.4-5 lakh. The market is growing exponentially and will remain niche. If it grows to 500 in 3-4 years, we will be happy”.
Ms. Motwani said Kinetic was also developing an electric three-wheeler vehicle in partnership with the government-run R&D body, Council of Scientific & Industrial Research (CSIR) as a mass transportation solution.
“It is in the prototype stage and we expect to go into homologation in the next few weeks,” she said adding that the company would look at certain other areas as well.
The vehicles will be made at the Kinetic’s facility in Ahmednagar.
Kinetic Engineering (KEL) and Mahindra Two Wheelers (MTW) on Monday announced that KEL had sold its entire stake of 10.3 per cent in MTW to private equity investment group Samena Capital for Rs.182.1 crore. The net proceeds would be about Rs.110 crore.