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Indian firm to set up Rs1b electric vehicle plant in BD

Published : Wednesday, 3 March, 2021 at 12:00 AM  Count : 74
Business Correspondent

India's Omega Seiki, the electric vehicle manufacturing arm of Anglian Omega Group, has announced that it would develop an electric vehicle (EV) manufacturing facility near Dhaka, Bangladesh.
Omega Seiki said that it would invest Rs1 billion ($13.60 million) to develop the facility. The company will be registered in Bangladesh and known as OSM-Bangladesh, says a company statement
The facility will manufacture electric two-wheelers, three-wheelers, and cycles to sell across the country through domestic partners and franchises.
The company said that Bangladesh has an established port and goods export system that would make the country an export hub for OSM. In India, Omega Seiki has two manufacturing facilities at IMT Faridabad and IMT Manesar in Haryana.
The company will invest Rs2 billion ($27.21 million) in India to focus on research and development and manufacture cutting-edge technologies, and information technology-driven business in the electric-mobility sector.
Deb Mukherji, Managing Director of Omega Seiki, said, "With electrification happening fast in automotive markets globally, we see it is time for the Bangladesh market to change as well. The transition in two-wheelers and three-wheelers will be fast as they contribute to the pollution and traffic chaos."
"Our vehicles will be powered by lithium-ion batteries and with powertrains, which would be built in Bangladesh, with technology transfer from India. In due course, we are looking at full localization in Bangladesh.
"We would also be looking to export from Bangladesh to global markets like the Association of Southeast Asian Nations (ASEAN), Africa, etc. Bangladesh has a zero-tax policy for exports to 39 countries, including India, and we are looking at selling in the northeast from there," he said.
In October 2020, Omega Seiki Mobility and Foundation for Innovation and Technology Transfer (FITT) signed a memorandum of understanding to work on EV technologies. FITT is an industry interface organization established by the Indian Institute of Technology, Delhi.
Mercom had also reported that India's Energy Efficiency Services Limited would invest in SWAG EV, an electric vehicle manufacturer in Thailand, in a bid to drive convergence - an emerging concept bringing together electric mobility, renewable energy, and carbon finance.

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