 "Electric Cars, EV")
Japanese auto parts manufacturer Musashi Auto on Friday announced entry into the Indian electric vehicle (EV) market with an investment of Rs 70 crore.
The company has partnered with Bharat New Energy Company (BNC), marking its foray into the e-mobility space. Musashi will collaborate with BNC Motors for expansion into the EV market.
The company will pump in Rs 70 crore in the first phase of this venture and focus on establishing an assembly line at its manufacturing facility in Bengaluru.
“We have been working for over a year with our strategic partner,” said Toshihisa Otsuka, chief executive officer (CEO) of Musashi Seimitsu Industries’ India and Africa region. He was at BNC’s product unveiling launch in Bengaluru.
Musashi Auto Parts India, a wholly-owned subsidiary of Musashi Seimitsu Industries in Japan, manufactures transmission components for internal combustion engine (ICE)-powered two-and-four wheelers.
From October, it will manufacture the e-Axle at its Bengaluru plant. The investment of Rs 70 crore will go towards establishment of an assembly line at Musashi Auto's manufacturing facility in Bengaluru.
The partnership between Musashi Auto and BNC Motors is on the back of the Centre’s strict enforcement of FAME II subsidies. It is aimed at incentivising companies to adhere to sustainable practices in the automotive sector.
