The Kerala State Industrial Development Corporation (KSIDC) has inked a memorandum of understanding with US-based Parallel Group to set up a joint venture to assemble and manufacture electric scooters and allied products in the state.
The MoU was signed on Tuesday by Dennis Gross, managing director, Parallel Intelligent Transportation, and Alkesh Sharma, secretary (industries) and managing director of KSIDC, in the presence of industries minister PK Kunhalikutty.
The JV would set up a production centre in the state. In the first phase, completely knocked down (CKD) parts would be imported and the vehicles would be assembled and distributed in the country. In the next phase, the components and parts would be manufactured and in the final stage, the complete production line would be established.
KSIDC would arrange the required land for setting up the assembly unit.
The state’s promotional agency would also provide financial support and other assistance to establish the project in Kerala, a press release said.
