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Omega Seiki Mobility looks to infuse USD 300-600 million in electric mobility business

Monday, 26 Jul 2021
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Omega Seiki Mobility (OSM), a part of Anglian Omega Group of Companies, is looking forward to make an investment of USD 300-600 million (around Rs 2,232 crore to Rs 4,465 crore) in the next five to seven years in electric mobility business as it aims to become a global brand. 
The electric vehicle company has plans to set up a manufacturing facility and a research and development (R&D) centre in collaboration with an OEM in Europe and foray into the African market besides expanding its footprint in the domestic EV space. 
The EV maker currently has a manufacturing plant in Faridabad and the second one is expected to be commissioned in the next few months. 
It launched its first electric three-wheeler last year. OSM early this month announced collaboration with French automotive supplier Valeo for electric power trains. 
The company currently has two cargo e-three-wheelers in its portfolio, and it is expecting to roll out scooters, rickshaws, four-wheeler cargo, tractors and buses, all electric, going forward. 
The company has already invested Rs 200 crore and putting in another Rs 1,000 crore for our expansion plans. However, going by aggressive expansion plans and anticipated demand, the company will need to invest much more. 
In terms of expansion, OSM has strong interest in Bangladesh, where it is setting up a plant; besides ASEAN and Africa, the company has had multiple conversations with players in African nations such Kenya, Zambia, Ethiopia, Nigeria, South Africa and Botswana. 
The company may set up a semi-knock down assembling plant and individual facilities also in these countries as part of its MakeinAfrica plan for the region but initially it will begin with import of fully-built vehicles. 
It is working on a major alliance with a European OEM on buses. On the products side, the company is also going to introduce an electric tractor in the market and for this purpose its R&D teams are working on it right at present. 
It is in the process of launching two tonner four-wheeler for cargo transportation and it is expected to give a tough competition to the existing players in the IC engine segment.  
Moreover, at the moment it is getting massive orders in the B2B business, which currently constitutes as much as 90 percent of the total business. But over the next six months, it is expected to be in 50: 50 ratio. 
The company's current order book stands at around 6,000 vehicles and with its participation in the CESL tenders for three lakh e-three-wheelers, floated recently, it is expecting to grab a major order from the government. 
The company has already participated in the Andhra Pradesh government tenders for garbage trucks. The company has to ramp up capacity continuously amid the massive increase in demand and with fuel prices having an adverse impact on the transportation cost is looking to have a hub and spoke model with North India serving as the hub and other regions as spokes. 
The projected capacity for this fiscal is 46,000 units, but with the kind of demand the company would have to initiate a third manufacturing facility also. 
The total capacity of the company is expected to go twice or thrice of the existing capacity by FY23.
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