Jindal Acquires Earth Energy EV in a bid to enter EV market

Jindal Worldwide has announced that it has acquired Mumbai-based EV startup Earth Energy EV through one of its subsidiaries – Jindal Mobilitric. The acquisition also marks the entry of Jindal Worldwide into the electric vehicle sector of India. The financial details of the deal are yet to be disclosed.

The official statement of Jindal Worldwide stated that Jindal Mobilitric will take over commuter scooter brands of Earth Energy. These would include Glyde SX and Glyde SX+. It will also take over commuter and cruiser motorcycle brands that include Evolve R and Evolve S as part of the acquisition.

Jindal Worldwide also informs that Jindal Mobilitric will be establishing a new manufacturing plant in Gujarat’s Ahmedabad. The new plant will supplement the existing manufacturing plant of Earth Energy in Maharashtra.

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Jindal Mobilitric spokesperson stated, “Electric is the future of travel and we are happy to announce our foray into the electric vehicle segment. This acquisition will ensure that we make a strong start in our EV foray.” Earth Energy has a fleet of distributors in 10 states and Jindal Mobilitric has said that it will retain them and further strengthen the distributor network.

Earth Energy was established in 2017 by Rushii Shenghani and Suresh Shenghani to manufacture electric vehicles for both consumer and business segments. As per the company, 96% of the components and power solutions for its electric vehicles are manufactured within the company.

The electric two wheeler segment in India is going through tough times as the Government has just ordered thorough inquiry into battery fire incidents from different parts of the country that has claimed several lives. Despite the fact, the electric vehicles ‘sales are heading Northwards including the two wheelers. According to the data released by the Federation of Automobile Dealers Associations (FADA), electric vehicle retail sales in India saw over a three-fold jump in the last financial year. The electric two wheeler sales witnessed a five-fold jump. FADA says that in 2021-22 fiscal, electric two-wheeler retail sales stood at 231,338 units as compared to 41,046 units in 2020-21.

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