Kinetic Engineering Ltd said it has transformed itself into an auto components firm primarily manufacturing gear boxes and EV parts.
The company, which was earlier making loss, was in profit zone for the last two quarters, said managing director Ajinkya Firodia.
In its earlier avatar, it used to manufacture Luna brand mopeds and Kinetic Honda scooters. He had an outstanding loan of ₹250 crore which has now been repaid.
The company said that it has come up with an Electric Vehicle (EV) kit for manufacturing EV three-wheelers, which is in demand following incentives provided by the government.
As the government encourages EV supply from domestic sources, the company is anticipating a huge demand for EV kits, “We are celebrating 50 years… our company has now transitioned into an auto component manufacture,” said Mr. Firodia said.
“We have developed a complete EV kit which is 100% Indian. We are supplying axles and gear boxes, and have sourced the motor and controller from domestic third parties,” he said. The demand for EV three-wheelers in India is around 20,000, mostly sourced from China.
He said the firm is expecting a turnover of ₹40 crore from this business and will soon introduce a kit for EV two-wheeler assembly.
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