Bharat Forge, a leading Indian multinational company, has announced the establishment of a new electric bike manufacturing facility at the Maharashtra Industrial Development Corporation (MIDC) in Chakan. The new facility is part of the company's strategy to expand its presence in the rapidly growing electric vehicle market in India.
The new facility is expected to have an annual production capacity of 50,000 units, and will create over 500 jobs in the region. Bharat Forge plans to invest around Rs 300 crore ($40 million USD) in the new facility over the next three years.
The company has been actively exploring opportunities in the electric vehicle market, with a focus on e-bikes, e-scooters and e-rickshaws. The new facility will enable Bharat Forge to enter the e-bike segment, which is expected to see significant growth in the coming years.
Speaking about the new facility, Baba Kalyani, Chairman and Managing Director of Bharat Forge, said, "We are very excited to announce the establishment of our new electric bike manufacturing facility at MIDC Chakan. This facility is a key part of our strategy to expand our presence in the rapidly growing electric vehicle market in India. With this facility, we aim to offer innovative and sustainable mobility solutions to our customers and contribute to the country's goal of a cleaner and greener future."
The move towards electric vehicles in India is driven by the government's ambitious target of achieving 30% electric vehicle penetration by 2030. The government has launched several initiatives and incentives to promote the adoption of electric vehicles, including subsidies, tax exemptions, and the establishment of charging infrastructure.
Bharat Forge's announcement of a new e-bike manufacturing facility is a positive development for the electric vehicle industry in India. The company's expertise and experience in manufacturing and engineering will be valuable in developing high-quality, affordable e-bikes for the Indian market.
In conclusion, the establishment of Bharat Forge's new e-bike manufacturing facility in Chakan is a significant development in the Indian electric vehicle market. The move is in line with the government's goal of promoting sustainable mobility and reducing carbon emissions. The new facility is expected to create jobs and contribute to the growth of the local economy. It is a step towards a cleaner, greener future for India.
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