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Launches a joint venture with India
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EL EVATA is launching a joint venture with India to manufacture batteries and has acquired around 72 acres of land in the Mumbai region to build a battery production facility.
The establishment of the Indian joint venture directly resulted from the Indian government's official approval of our batteries. We will be obtaining the right to supply all batteries produced in the joint venture to the Indian government and enterprises. We will also acquire from the Indian government access rights to critical mineral resources and raw materials, including lithium. By utilizing these resources, the joint venture in Mumbai will produce and supply batteries to both the Indian and regional markets at a reasonable and competitive price.
The battery plant in Mumbai, along with the upcoming joint venture in Malaysia, will act as the hub for our business in the Middle East and the AFTA markets. The joint venture in Malaysia is expected to be established in 2023.