Kolkata-based KSL Cleantech Limited will be soon entering the electric vehicle business in India. Previously known as Kirti Solar Limited, KSL Cleantech will now be coming up with electric two- and three-wheelers, small commercial and passenger vehicles.
According to a report of NDTV’s carandbike, KSL Cleantech Limited will invest Rs 200 crore in next three years in a bid to develop electric two- and three-wheelers and to expand manufacturing capability. The electric two- and three-wheelers models will be manufactured in India in a phase-wise manner. It is worth mentioning here that 10 variants of electric vehicles will be launched in the next 12 months.
"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," Dhiraj Bhagchanda, Managing Director, KSL Cleantech Ltd, said in a statement.
As of now, KSL Cleantech is engaged in developing various prototypes of mini passenger vehicles and also is in discussions with a global technology partner in the EV space. In India, Electric two-wheelers alone account for 1.26 lakh unit sales, while electric three-wheelers account for 6.3 lakh units.
In FY 2019, over 7.5 lakh units of total electric vehicle were sold in India. Electric two-wheeler sales grew 130 per cent year-on-year in FY2019.
Coming back to the KSL Cleantech, the company is expected to make some strategic announcements soon, with its electric vehicle plan for the immediate future. However, the company has a few models of electric three-wheelers which are being sold across India through a large numbers of dealers and channel partners.