LML Electric to invest Rs 350 crore in the product expansion and manufacturing capacity
- ByStartupStory | May 23, 2022
LML Electric is planning to invest Rs 350 crore in the industry, including the establishment of a new production unit. LML CEO Yogesh Bhatia stated that the firm is looking at a Rs 350 crore initial investment. This investment is planned for product expansion, building up a new production site, and partnerships, among other things. He also stated that the firm has had several investment bids from major investors, but that a decision would be made until after the company unveils its products in September.
The company was founded in 1972 by a joint venture between the Kanpur-based Singhanias and the Italian Scooter giant Piaggio. Bhatia stressed that LML Electric has been funded so far through its parent company, SG Corporate Mobility and the management has discussed the proposals but requested time from potential investors because the company wants them to evaluate all aspects of the products once they are unveiled in September.
Bhatia further stated that the business has received land bids for a new production site from 2-3 states, which are now being assessed. In the long run, the company wants to build a genuinely world-class electric car production facility with a capacity of 1 million vehicles per year. The new factory would also be able to produce according to market need “he claimed. In conjunction with Italy’s Piaggio and C Spa, Kanpur-based Lohia Motors Ltd (LML) used to manufacture the renowned Vespa scooter.
In September of last year, the corporation revealed its intention to re-enter the market with electric automobiles. LML said in April that it plans to present three electric vehicles (a hyperbike, an e-bike, and an electric scooter) by September, with a launch between February and August of the following year. LML Electric has formed a strategic partnership with Saera Electric Auto, a former Harley-Davidson manufacturing partner in India with a monthly capacity of 18,000 cars, to create its electric two-wheelers.
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