Gensol Engineering has signed a termsheet to pick up majority stake in a US-based electric vehicle (EV) manufacturing startup. The investment is intended to accelerate the company’s plan to deliver a robust domestically manufactured EV in India.
With this deal, the company foresees an increment in revenue by Rs 500-600 crore for FY24. It aims to set up its R&D center for technology development and a start of production (SOP) in the first quarter of 2023 in Pune, India with a capacity of 12000 cars/year in the first phase. The company is also hiring a team of more than 150 automobile engineers & designers for this venture.
Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
