Kinetic Engineering Unit Gets New Plant In Ahmednagar To Make Electric Vehicles
The facility will serve as the production base for Kinetic Engineering's electric mobility solutions, including a likely electric two-wheeler in the future.
The EV unit of Kinetic Engineering Ltd. has inaugurated a new manufacturing plant in Ahmednagar, setting the ball rolling for its potential re-entry into India's two-wheeler space — this time in an electric avatar.
Spread over 87,000 square feet, the new plant will serve as the production base for Kinetic Watts and Volts Ltd. On the anvil are a myriad EV solutions, including fleet operations and personal mobility. The facility has automated assembly lines for EV manufacturing.
"This facility represents our commitment to shape the future of mobility with world-class manufacturing excellence," Ajinkya Firodia, vice chairperson of the Pune-based Kinetic Group, said in a statement on Thursday. "It's a proud moment for Kinetic Watts and Volts and for the entire Kinetic Group as we set the stage for a new era of innovation, sustainability, and electric mobility from India."
The inauguration of the EV plant follows an equity infusion into Kinetic Watts and Volts "to carry out business in the field of automobile".
Kinetic Engineering has picked up 1 crore shares of Kinetic Watts and Volts at Rs 10 apiece for a total investment of Rs 10 crore, according to an exchange filing on May 24. The related-party transaction increased its stake in the subsidiary to 72.53% from 66.11% earlier.
Separately, the company has invested Rs 50 crore to set up a battery manufacturing facility within its original plant in Ahmednagar. The facility has an annual production capacity of 60,000 battery packs that are customisable for electric two- and three-wheelers.
All of this is part of Kinetic Engineering’s revival plan that was first unveiled in January.
The maker of the iconic but defunct Kinetic Honda automatic scooter has secured fresh investment of Rs 177 crore to make an electric comeback into India’s mobility space.
The idea is to become a 1,000-crore enterprise by 2029, Firodia had told NDTV Profit during an exclusive interaction on Jan. 21. That’s 8–10 times growth in five years.
"An investment of Rs 180 crore is a lot of money for the next three years, and can definitely propel us from Rs 150–160 crore to Rs 1,000 crore,” he had said then. "The learnings are in the past. Now is the time to grow."
