ANAND Group, South Korea's Mando Corp team up to produce, market electric vehicle components
Auto parts maker ANAND Group said on Tuesday it is partnering with South Korea's Mando Corporation to respond to South Korea's burgeoning EV market. Leveraging existing synergies, opportunities, and expertise, the two companies will form a second joint venture in the country, ANAND Mando eMobility Pvt Ltd. It will manufacture and promote electric vehicle components for motorcycles and tricycles.
Under the agreement, Anand Group and Mando will own 60% and 40% of the joint venture, respectively. The two companies merged in 1997 to become Mando Automotive India Pvt Ltd (MAIPL), which produces braking systems. The association was further collaborating to strengthen their partnership in 2012 when the capital-based ANAND Group acquired a stake in Mando Steering Systems India Ltd. Working with Mando Corporation is in line with the core spirit of ANAND Group's vision of sustainable value creation through the collaboration of two companies' strategies and excellence.
Image credit: ET AUTO
Anjali Singh, Chairman of ANAND Group, said, “I believe this long-term partnership will contribute to the successful development and creation of efficient products and systems for the electric vehicle industry in India. A joint venture is planned in India to set up a plant that will provide job opportunities to over 350-450 people. It plans to invest more than 50 billion won in the capital within three years. The goal of the joint venture is to develop Original Equipment Manufacturer (OEM) electric motorcycle parts for two-wheeler motorcycles by the end of this year.”
The Anand Mando eMobility joint venture offers a local and cost-effective option for imported products. The plant will be located in Rajasthan to get the most out of an ecosystem and the incentives available.
Image credit: Anand group India
"Together with the two partners, the joint venture will be able to produce efficient and environmentally friendly motors and batteries to meet the growing demand for automobiles, from scooters and bicycles to motorcycles and bicycles." Seong Hyeon Cho, President, and CEO of Mando Corporation.
Other parts will be available from the factory in mid-2022. The electric vehicle parts market is expected to grow at a CAGR of about 22% by 2030, as per the chairman. ANAND Mando eMobility has engineering capabilities. Mando Automotive India Co-Chairman Jaisal Singh expected that the growing demand for parts experienced in meeting the requirements of Indian engines and controls means the joint venture will generate revenue of Rs 5 billion by 2025 through investment in manufacturing facilities.
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