Mitsui, TECO to Invest $14 Million to Set Up Electric Vehicle Plant in India
The Mitsui-TECO joint venture (JV) will establish a TEMICO India, with a plant in Bengaluru which will produce traction motor for electric vehicles.
Image used for representational purpose. (Image: AFP Relaxnews)
Japan's Mitsui & Co said on October 31 that it is planning to invest 14 million US Dollars to set up a manufacturing facility for electric vehicle (EV) motors in India in partnership with Taiwanese motor manufacturer TECO Electric & Machinery Co. The new plant, which would come up in Bengaluru, is expected to commence full production by the end of next year with an installed capacity of around 1.10 lakh motors per year. The investment on the plant is being made by a joint venture (JV), TEMICO, set up in April 2018 by Mitsui (40 per cent) and TECO (60 per cent) to pursue the development, manufacturing, and sales of EV motors and EV powertrains globally.
The joint venture (JV) will establish a local company, TEMICO India, to build the plant, which will produce traction motor for electric vehicles. "The plant will create 200 jobs and will contribute to the growth of India's EV industry, local manufacturing and reducing air pollution. Sustainability and mobility are key growth areas for Mitsui and we are investing more in EV businesses as the world moves towards a low-carbon society," Mitsui & Co India Managing Director Shinichiro Omachi said in a statement.
Mitsui brings deep global business expertise to the joint venture, while TECO specialises in the production of high-quality and competitive industrial and EV traction motors, the company said. The new plant is Mitsui's second major EV venture in India following its investment in SmartE, a three-wheeler electric mobility service, in July.
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