Omega Seiki to invest Rs 800 crore in EV parts plants
Omega Seiki Mobility Pvt. will invest Rs 800 crore to build two facilities in India to manufacture electric vehicle components such as batteries and power trains.
The New Delhi-based company has tied up with startup iM3NY, which manufactures lithium-ion cells in New York, to produce batteries in the country, it said in a statement Sunday. Omega, founded in 2018, has also entered a joint venture with Jae Sung Tech Korea to make electric vehicle power trains locally, it said.
The demand for lithium-ion batteries in India will increase from 3 gigawatt-hour currently to 20 gigawatt-hour by 2030, consultancy Arthur D. Little estimates, making it crucial to ramp up local cell manufacturing capacity.
