India, as a signatory to the Paris Agreement, is prioritising electrification on a national level. This national mission is backed by the Government of India’s (GoI) FAME scheme. Known to have sold 1,05,268 EVs till date, from Tamil Nadu to Jammu Kashmir, as per the Ministry of Heavy Industries statistic, there are no two ways about the GoI led, and state followed focus on emobility. For instance, through the FAME II scheme, the aim is to generate demand through the sale of an estimated 7,000 e-buses, five lakh electric three wheelers, 55,000 electric four-wheelers, passenger cars including strong hybrids, and 10 lakh electric two-wheelers.
Jaisal Singh, Co-Chairman, Mando Automotive India Pvt. Ltd.
To leverage the government’s provisions for intra and inter-segment wise fungibility that is extended to privately-owned registered vehicles up to vehicles used for public transport and commercial vehicles, Anand Group and Mando Corporation have entered into a Joint Venture (JV). Here, the ANAND Group will hold a majority stake of 60 per cent in the JV formed with Mando Corporations holding a 40 per cent stake. In a company release Anjali Singh, the Executive Chairperson of ANAND Group said, “The collaboration with Mando Corporation is in line with the key ethos of the ANAND Group’s vision, to create value sustainably through the pursuit of excellence. I am confident that this long-term association will continue to evolve by leveraging the synergies and mutual strengths to successfully create efficient products and systems for the Indian Electric Vehicle industry.” The JV-Special Purpose Vehicle (SPV) is expected to deepen the historic ties between the two entities and propel forward the growth aspirations. The SPV - Anand Mando e-Mobility Pvt. Ltd. will have the partners leverage existing synergies, respective capabilities, and their diverse experiences in the auto component industry. ANAND Mando eMobility will focus on manufacturing and marketing EV components and systems for the two- and three-wheeler applications.
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