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30 Jan 2023

Omega Seiki Mobility to Invest Rs. 800 Crore in Battery and Powertrain Manufacturing Units

By News Date 30 Jan 2023

Omega Seiki Mobility to Invest Rs. 800 Crore in Battery and Powertrain Manufacturing Units

The brand has formed a joint venture with the iM3NY, a USA-based electric battery manufacturer, to bring the latter cell tech to the Indian market. 

One of the biggest Electric Commercial vehicle manufacturers, Omega Seiki Mobility, is planning to invest Rs. 800 crores in the electric parts segment. The brand plans to start 2 manufacturing plants for batteries and powertrains, said Uday Narang (Founder & Chairman). In addition, the brand has formed a partnership with iM3NY, an Electric battery company based in the USA with a good reputation. The deal is to bring the latter's cell technology to the Indian market and manufacture it in the country. 

It will also develop six new powertrains for electric vehicles with a power capacity range from 7 Kw to 34 Kw. Based on South Korean joint venture partner Jae Sung's technology in its bid to become a completely Integrated Electric Vehicle OEM (Original Equipment Manufacturer). 

Mr Uday Narang stated that these technologies would help OSM to control over the critical parts of the supply chain. Also, It will help them to scale the business to become the best in the industry. 

Official Statement:-

On the topic of investment, he said, "We will invest Rs 800 crore over the next two years in setting up the two plants...We are going to set up the powertrain facility in Haryana...and the battery factory will be in Maharashtra".

He said about the battery factory, "In phase one, we will primarily get cells from China and do battery packs. In the second phase, we will build a cell manufacturing facility. The first phase will start in June 2023, and then the next phase will be in 2024-25".
Also, on the manufacturing capacity, Narang said the brand is looking ultimately at the "giga factory", but at the start, it will be only half. 

He was also asked about the powertrain manufacturing capacity. Mr Uday Narang said we are planning to manufacture 10,000 units this year. Also, they plan to increase the production to 1 Lakh by the end of the fourth year. 

On the investment funding, Mr Uday Narang said, "We will fund partly and we are also in the middle of a major fundraise of USD 100 million...but we will put money in and that will be done over the next two years. We believe that the fundraising we are discussing with various partners will close shortly".

The shareholding of this JV will be 74% of OSM and the rest 24% with the US-based partner. And the same will remain with Jae Sung. OSM is a key player in the market with a good portfolio of electric three-wheeler and four-wheeler cargo vehicles. 

The brand expects sales of 6000 units in the next year. Also, it plans to scale the production to 20,000 units by next year's end.   

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