New Delhi: Hero Group subsidiary Hero Electric will soon set up a joint venture with Canada-based battery maker Electrovaya for manufacturing lithium ion batteries for electric vehicles.
Hero Electric on Monday signed a memorandum of understanding with the Canadian firm and details of the joint venture (JV) are to be finalised within next six weeks.
“We have today signed a MoU with Electrovaya for forming the JV in India. We will set up a manufacturing plant for lithium ion batteries in the country for both the domestic and export market,” Hero Electric managing director Naveen Munjal told reporters in New Delhi.
He, however, did not disclose details like the stake of both the companies in the soon-to-be-established JV, its name, investment plans and location of the proposed plant.
“These matters will be finalised within next six weeks and we will then come up with details,” Munjal said.
Commenting on the JV, Electrovaya chief executive officer Sankar Das Gupta said: “Electrovaya’s mission is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission EVs. The JV with Hero Electric will certainly boost this effort in India.”
The Indian EV market is currently dominated by lead acid batteries.