KSL Cleantech Limited plans to scale up Electric Vehicle business
Building on the success of its Solar business, Kolkata-based KSL Cleantech Ltd. (formerly known as Kirti Solar Limited), one of the largest and most experienced solar photovoltaic companies in India is gearing up to expand its electric vehicle business in India.
The company will be focusing on electric two and three wheelers, and small commercial and passenger vehicles in the coming months. Currently, the company has few models of three wheeler electric vehicles which are being sold across India through a large number of dealers and channel partners. Electric vehicle (EV) ownership will balloon to about 125 million by 2030. Seeing the humongous opportunity, the company plans to launch 10 new innovative variants of Electric Vehicles in two wheelers and four wheelers segment within the next 12 months. The group is developing various prototypes of mini passenger vehicles and is currently in discussions with a global technology partner in EV space.
The company also plans to manufacture these models in India in a phase-wise manner with an investment of more than Rs 200 Crore.
In FY2019, total EV sales in India crossed the 7,50,000-units mark and reached a total of 7,59,600 units. This includes electric two-wheelers (1,26,000), electric three-wheelers (6,30,000) and electric passenger vehicles (3,600), which translates into electric two-wheelers witnessing triple-digit growth (130 percent) year-on-year (YoY).
Bullish on company's growth plans Mr. Dhiraj Bhagchandka, Managing Director, KSL Cleantech Ltd. said, "The entire market for land transport will switch to electrification in the near future. The government wants to bring in EVs swiftly to tackle pollution, and this gives us an opportunity to address a market looking for quality and performance and show an EV can outperform."
"We have set an ambitious target of entering the EV space in a big way. We are considering and evaluating opportunities for setting up a manufacturing facility in India." Mr. Bhagchandka further added.
The company has executed more than 10,000 solar installations across the country in solar based rooftop power projects, solar pumping solutions, and rural electrification. KSL has one of the largest sales/installation networks backed by an experienced team of design and integration experts.
DISCLAIMER: This information is published as per the press release sent to us. It has not been verified or ratified by OVERDRIVE.
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