Hindustan Motors and its European partner have completed due diligence for the proposed electric two-wheeler project. After the formation of JV, around six months is required to start a pilot run. The structure of the JV is being finalised, including the proportion of equity to be held by both the partners.
The joint venture is likely to launch the electric vehicles (EV) in the next financial year at Hindustan Motors’ Uttarpara plant in West Bengal. The combined investment for the EV project will initially be around Rs 600 crore, following which the two companies would explore the possibility of entering the electric four-wheeler space.
Hindustan Motors equipped itself with state-of-the-art facilities for the production of passenger cars, trucks and multi utility vehicles.
