Mitsui & Co. ('Mitsui') plans to build a USD14 million plant to manufacture electric vehicle (EV) motors in India, in partnership with leading Taiwanese motor manufacturer TECO Electric & Machinery Co., Ltd.
The plant, in Bengaluru, Karnataka state, is expected to commence full production by the end of next year, generating 110,000 high efficiency motors per year.
The investment is being made by a joint venture, TEMICO, set up in April 2018 by Mitsui (40%) and TECO (60%) to pursue the development, manufacturing, and sales of EV motors and EV powertrains globally.
Shinichiro Omachi, Managing Director of Mitsui & Co. India said: "The plant creates 200 jobs and will contribute to the growth of India's EV industry, local manufacturing and reducing air pollution.
"Sustainability and mobility are key growth areas for Mitsui and we are investing more in EV businesses as the world moves towards a low-carbon society."
Mitsui brings deep global business expertise to the joint venture, while TECO specializes in the production of high-quality and competitive industrial and EV traction motors.
The joint venture will establish a local company, TEMICO India, to build the plant, which will produce EV traction motor for electric vehicles.
The plant is Mitsui's second major EV venture in India following its investment in SmartE, India's first and largest three-wheeler electric mobility service, in July.
Mitsui's previous investments in EV outside of India include EV Connect Inc., a major provider of electric vehicle charging and software in the United States, as well as The Mobility House, a leading provider of EV charging solutions in Germany.
Founded in 1956 as a dedicated producer of industrial motors, TECO has diversified, in parallel with Taiwan's economic miracle, to heavy electric equipment, home appliances, information technology, communications, electronics, key components and parts, civil engineering, property management, logistics, and dining and services. As a global conglomerate, TECO's business scope now spans nearly 50 countries worldwide.
TECO Group boasts hi-performance industrial motor in the world and mobilize international marketing network to supply various EV products like traction motors and controllers, for the usages of high-voltage electric bus, passenger vehicles, and so on.
Mitsui & Co. (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co.'s outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co.'s success is also founded on its adaptable approach to partnerships, which offers it unparalleled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
Mitsui in India
Mitsui has a long-standing and widespread presence in India. Since the 1950s, Mitsui has progressively grown and expanded in the country to operate across a diversified portfolio of businesses. Today Mitsui has investments in steel, power infrastructure, chemicals, logistics, motorcycles, bathroom products, healthcare, pharmaceuticals, fast moving consumer goods, and television shopping. Mitsui has offices in New Delhi, Mumbai, Chennai, Kolkata, and Hyderabad. The following are some of Mitsui's recent investment activities in India:
- Mitsui invests in India's first and largest three-wheeler electric mobility service SmartE
- Mitsui and Mahindra Susten to co-invest in distributed solar power projects in India
- Mitsui invests in OMC Power, an Indian renewable energy based mini grid operator
- Mitsui invests in GOQii, a preventive healthcare platform business in India
- Mitsui to Bring Japanese Curry Restaurant Chain CoCo ICHIBANYA to India