LML Electric looking to invest Business of 350 crores, news agency including setting up of new manufacturing plant PTI Quoting a company official.
“We’re looking at our first investment 350 crores. This investment is planned for product expansion, setting up a new manufacturing facility and collaboration among others.” lml CEO Yogesh Bhatia.
He added that the company has received “several” investment offers from some “big” investors, but a decision will be taken only after unveiling its products in September this year.
Emphasizing that LML Electric has so far been funded through parent company SG Corporate Mobility, Bhatia said management has discussed the proposals but sought time from potential investors because “we want That they first evaluate all aspects of our products when they are unveiled in September.”
Bhatia also said that the company has received land proposals from 2-3 states for a new manufacturing facility, which are being evaluated.
“We are aiming for a truly world-class electric vehicle manufacturing facility, which has the potential to manufacture 1 million vehicles per year over the long term. The planned facility will have the facility to produce as per market demand.”
He said without specifying any specific time frame for commissioning the proposed production facility, it usually takes 18-24 months to set up a plant.
Bhatia said that the three products will primarily target the US and European markets with e-bikes in both domestic and international markets having good racing tracks besides nearly 100% penetration.
Bhatia said LML is also looking at electric charging infra, which is one of the major factors driving the adoption of electric vehicles in the country, without elaborating on the issue.
He added that the company also plans to set up LML studio-cum franchises in 835 districts of the country which will act as LBL hubs to meet all the vehicle related needs of the customers.
Kanpur-based Lohia Motors Limited (LML), in association with Italy’s Piaggio and C Spa, used to manufacture the iconic Vespa scooter.
The company had announced plans to re-enter the market with electric vehicles in September last year.
In April this year, LML said that the company is looking at unveiling three EV products – a hyperbike, an e-bike and an electric scooter – by September and their subsequent launch between February and August next year.
LML Electric has entered into a strategic alliance with Saira Electric Auto, a former manufacturing partner of Harley-Davidson in India, to manufacture its electric two-wheelers with a capacity to produce 18,000 vehicles per month.
With inputs from agencies.