Wooing big ticket investors for new age clean energy business

Anand Group has launched AnEVolve, a clean tech platform. The group is looking for strategic partners and PE investors to help fund further expansion, write Ketan Thakkar and Shruti Mishra.

- Ketan Thakkar and Shruti Mishra

With billions of dollars from multitude of private equity majors and sovereign wealth funds chasing the emerging green mobility space, $1.9 billion Anand Group is exploring the possibility of raising funds from private equity for its newly set up EV arm AnEvolve, which it claims is 100 percent owned cleantech, future tech company.

All the new cleantech companies would come under AnEvolve umbrella and complement the parent conglomerate that was founded in 1961.

The NCR headquartered, auto component major that offers products and solutions right from powertrain, chassis systems, emission control, safety, amongst others has lined up an investment of Rs 1,000 crore for its AnEvolve EV division for the coming five years.

Speaking with Autocar Professional, Jaisal Singh, Vice Chairman of the Executive Board, and Director, Group Supervisory Board said he sees a potential business of about $500 million in the coming years and he expects the EV business to account for 25 percent of the group's total turnover.

"We are a very conservative group and over the years we have considerable cash reserves and negligible levels of debts. We have the capacity to raise money easily and fund them from our own resources. In certain areas we are also open for strategic partnerships in terms of private equity. The process is likely to start shortly," he added.