Lord’s Mark Industries, Kerala Automobiles join forces for EV manufacturing
Mumbai-based Lord's Mark Industries has announced that it has entered into a joint venture (JV) with the automobile PSU Kerala Automobiles Ltd (KAL) for manufacturing electric vehicles (EVs).
The first production facility of the JV will be set up at Kannur in Kerala at an anticipated investment of Rs. 20-30 crore.
However, the commercial production at the Kannur unit is projected to begin in December 2022, and the operations will consequently be expanded on a pan-India basis by associating with OEMs.
Through this JV, the company is considering exporting its EVs to the Eastern Europe and Africa markets.
The JV, in which Lord's Mark Industries would be the maximum shareholder, would also undertake R&D activities to manufacture technologically advanced and energy-efficient EV products.
In this regard, plans are in progress to develop state-of-the-art technology to drive innovation and efficiency across the EV value chain, the company said.
Commenting on the development, P.V Saseendran, Managing Director of Kerala Automobiles Ltd, said "Kerala was one of the first states in India to draft an e-vehicle policy and has been in the forefront of boosting clean energy initiatives in the country's transport sector. Through our strategic partnership with Lord's Mark Industries, we will be playing a pivotal role in accelerating the shift towards e-mobility and ensuring sustainable development of the state."
"Through our JV with KAL, we aim to build a robust indigenous EV ecosystem and help in positioning India as one of the leading global manufacturing hubs for EVs. Through this collaboration, KAL will be in an improved position to leverage the Pan-India distribution network of Lord's Mark Industries to expand their market scale and distribution outreach," said Sachidanand Upadhyay, Founder, Lord's Mark Industries.