Triton EV to invest Rs 210 crore for AMW Motors’ Bhuj manufacturing factory.
- ByStartupStory | January 17, 2023
According to sources, the Bhuj manufacturing facility of the insolvent AMW Motors would be purchased by Triton EV for Rs 210 crore.
The resolution plan proposed by Triton Electric Vehicle LLC last month has been approved, according to the source, who spoke to PTI on the sidelines of the Auto Expo 2023.
“Triton Electric Vehicle LLC has emerged as the successful bidder for plant and machinery, land and building etc of AMW Motors for Rs 210 crore. The resolution plan has been approved by NCLT, Ahmedabad bench on December 21, 2022,” the source said.
Himanshu Patel, the founder and managing director of Triton EV, confirmed the news when contacted.
“We are working on completing the regulatory process and approvals. We will try to make the plant operational at the earliest possible time frame after all approvals are in place,” Patel said.
Triton EV will use the factory to manufacture hydrogen buses as well as electric buses, vehicles, and cars. In October, Triton EV sent a letter of intent to Bharat Electronics, a defense-related public sector company, for the projected Rs 8,060 crore purchase of battery packs for its semi-truck project in India.
Patel previously stated that the firm is creating an EV ecosystem in India through a partnership that has pledged to invest Rs 10,000 crore there over the course of the next four years, with Triton EV contributing Rs 1,100 crore.
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