Kinetic Engineering Ltd. said it had transformed itself into an auto components firm making mainly gear boxes and EV parts.
The company, which had earlier been making losses, had been in the profit zone for the last two quarters, said managing director Ajinkya Firodia.
In its former avatar, it used to make the Luna brand of mopeds and the Kinetic Honda scooter. It had outstanding debt of ₹250 crore that it has now repaid.
It has come out with an Electric Vehicle (EV) kit for the manufacture of EV three-wheelers that are in demand, following incentives provided by the government, the company said.
Since the government is encouraging EV supplies from domestic sources, the company is expecting major demand for EV kits, “We are celebrating 50 years... our company has now converted into an auto component manufacture,” Mr. Firodia said.
“We have developed a complete EV kit that is 100% Indian. We are supplying the axle and gear box, and have sourced the motor and controller from domestic third parties,” he said. Demand in India for EV three-wheelers is about 20,000, sourced mostly from China.
The firm is expecting ₹40 crore of business from this business and and will soon introduce a kit for EV two-wheeler assembly, he said.
