Anand Group, Mando Corp join hands to make EV parts

Auto component maker Anand Group on Tuesday said it has joined hands with South Korea's Mando Corporation to cater to the growing electric vehicles (EV) segment in the country. Both the companies have decided to leverage their existing synergies, capabilities, and experience to establish their second joint venture in the country – Anand Mando eMobility Pvt Ltd, to manufacture and market electric vehicle (EV) components for the two and three-wheelers. As per the pact, the Anand Group and Mando would hold 60 and 40 per cent stake respectively in the JV entity. Both companies had first collaborated in 1997, to set-up Mando Automotive India Pvt Ltd (MAIPL) which manufactures brake systems. "I am confident that this long-term association will continue to evolve by leveraging the synergies and mutual strengths to successfully create efficient products and systems for the Indian electric vehicle industry," Anand Group Executive Chairperson Anjali Singh said. The JV plans to come with a manufacturing facility in Rajasthan which would employ about 350-450 people.