KSL Cleantech Planning Rs 200 cr Investment in EV Venture

KSL Cleantech plans to invest around Rs 200 crore in the next three years on the development of electric two- and three-wheelers through its EV Venture

Kolkata-based KSL Cleantech plans to invest around Rs 200 crore in the next three years on the development of electric two- and three-wheelers and expanding manufacturing capacity besides sales and marketing of the products in its latest EV venture.

The company, which has been primarily into the solar power space for the last 10 years, is also in talks with global firms for partnering in its electric mobility venture in areas including product development and supply of components such as lithium-ion batteries.

“We have drawn up a plan for a three-year horizon. We plan to invest around Rs 200 crore across manufacturing, product development, marketing and branding. It will also include the development of essential components, which has been now prescribed by the government to be indigenised,” KSL Cleantech, Managing Director Dhiraj Bhagchandka told local news.

The company has been selling its electric three-wheelers under the Electeca brand, primarily in north and central India. It has a production capacity of around 10,000 units annually at its assembly unit near Kolkata.

“With the latest impetus on electric mobility across the country by the government, electric vehicles happen to be a natural extension of our business. It is time for us to also get into electric two-wheeler space,” he added.

Asked by how much the company was planning to enhance its production capacity, he said, “We will scale up in line with the industry growth. We are hoping to multiply it two to three times (of the current capacity).”

Elaborating on the company’s product launch plans, Bhagchandka said, “To start with, we will certainly go for the scooter category because that is the more accepted product and has good demand in the Indian market today. We will be launching a few models and try to cater to different prices points and utilities.”

He added that with the FAME II scheme in place, the company “will definitely want to take advantage of it. We are working with FAME II as one of the factors and we will be launching our models accordingly in the next 12 to 24 months.”