Mitsui & Co. proposes to set up a plant to manufacture electric vehicle (EV) motors in India in partnership with leading Taiwanese motor manufacturer TECO Electric & Machinery Co Ltd., according to a top official.
The proposal would entail an investment of $14 million (₹98 crore)
The plant, to come up in Bengaluru, is expected to commence full production by the end of next year, producing 1,10,000 high-efficiency motors per year.
Shinichiro Omachi, MD, Mitsui & Co. India Pvt. Ltd., said: “The plant will create 200 jobs and contribute to the growth of India’s EV industry, local manufacturing and reducing air pollution.”
“Sustainability and mobility are key growth areas for Mitsui and we are investing more in EV businesses as the world moves towards a low-carbon society,” he said.
The investment is being made by a joint venture called TEMICO which was set up in April 2018 by Mitsui and TECO with 40% and 60% stakes respectively to pursue the development, manufacturing and sales of EV motors and EV powertrains globally.
The plant will be Mitsui’s second major EV venture in India following its investment in SmartE, one of India’s first and largest three-wheeler electric mobility services, in July. 2019.
