Japanese OEM- Musashi Auto, invests Rs 70-cr into Indian EV market
Musashi Auto
, a Japanese maker of auto components, stated on Friday that it will invest Rs 70 crore to enter the Indian electric vehicle (EV) industry. The business has entered the e-mobility market through a partnership with Bharat New Energy Company (BNC). BNC Motors and Musashi will work together to expand into the EV industry.In the initial stage of this project, the business would invest Rs 70 crore and concentrate on setting up an assembly line at its manufacturing site in Bengaluru. CEO of Musashi Seimitsu Industries' India and Africa area, Toshihisa Otsuka stated, "We have been working with our strategic partner for more than a year. He attended the Bengaluru product launch and reveal for BNC.
A wholly-owned subsidiary of Musashi Seimitsu Industries in Japan, Musashi Auto Parts India produces gearbox parts for two- and four-wheel vehicles driven by internal combustion engines (ICE). It will start producing the e-Axle at its Bengaluru facility in October. The installation of an assembly line at Musashi Auto's production facility in Bengaluru would be funded by a 70 crore rupee investment.
Due to the Centre's severe implementation of FAME II subsidies, Musashi Auto and BNC Motors have partnered. It aims to encourage businesses to use sustainable business practices in the automobile industry.