EV firm Omega Seiki to invest ₹800 cr., plans IPO

Company eyes overseas expansion

Omega Seiki Mobility, an electric vehicle (EV) company of the Anglian Omega Group, is planning to invest ₹800 crore in manufacturing EVs and to expand operations beyond India, said chairman Uday Narang.

“So far, we have invested ₹200 crore of our own money… we will take this investment to ₹1,000 crore in 12-18 months,” Mr. Narang said, adding that the company was planning to go for an IPO next year. “We will be the first or second EV company from India to come out with an IPO. Our objective is to be the ‘Tesla of electric commercial vehicles from India’ and we are on track,” he added. The firm was gearing up to roll out three new two-wheeler models. A four-wheeler commercial vehicle was unveiled by the firm recently. “The new four-wheeler named M1KA has capacity to carry 2 tonnes and will be available in the market next year. We are doing everything to build a strong EV portfolio and lay out a robust EV ecosystem in the country towards our commitment for green mobility, and sustainability,” Mr. Narang added. The company has already set up 40 dealerships in India and plans to add 75 more by March 2022.

Mr. Narang said the firm had also chalked out a strategy to export its products to markets including Nepal, Bangladesh and Africa.

“We are a solutions provider and we will supply anything that the customers would want. The economic advantage of EVs will drive commercial and personal vehicle penetration in India and we are addressing the range anxiety issue as well as laying out charging infrastructure,” Mr. Narang said.

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