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Gensol Engineering has today 07 July 2022 signed a term sheet to pick up majority stake in a US based electric vehicle manufacturing startup which is subject to the terms and conditions of the term sheet, approval of Board of Directors of the Company and subject to due diligence clearance including FEMA Act.
The majority stake acquisition of this startup will allow Gensol to have an in-house manufacturing facility for capturing the highly explosive growth of the EV market, keeping in mind that the case for immediate electrification of consumer transport is undeniable.
The investment is intended to accelerate Gensol's plan to deliver a robust domestically manufactured EV in India. With this deal, Gensol foresees an increment in revenue by Rs 500-600 crore for FY-24.
Gensol aims to set up its R&D center for technology development and a start of production (SOP) in the first quarter of 2023 in Pune, India with a capacity of 12000 cars/year in the first phase. The company is also hiring a team of more than 150 automobile engineers & designers for this venture.
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