Detel plans to raise Rs 150 cr
Homegrown brand Detel on Monday said it plans to raise Rs 150 crore by the end of this year to drive in new electric vehicles.
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New Delhi: Homegrown brand Detel on Monday said it plans to raise Rs 150 crore by the end of this year to drive in new electric vehicles.
The Gurugram-based company, which has recently unveiled an electric moped, aims to invest the funds on developing new and innovative product lines for tier 2 and tier 3 markets at the most disruptive price without compromising on quality.
With the government's initiatives to make India self-reliant in the area of EV mobility, the company has taken a step ahead to support the government's Make in India campaign to further propel in the EV market with 100 per cent localised EV components, the company said in a statement.
To accelerate the vision of manufacturing EV units in India, the company will be investing in creating R&D facility for the brand and also to establish a manufacturing unit in Gurugram to offer the most economical and Indianised EVs in the market, it added.
