Vajram Electric Ltd is raising funds to upgrade its manufacturing facility, boost production, and position itself as a key supplier for global EV brands.
13 Nov 2024 | 3305 Views | By Autocar Professional Bureau
Vajram Electric Ltd, a key player in India's electric vehicle (EV) manufacturing sector, is preparing to raise funds to support its expansion plan. The funds will be used to enhance its production capacity and upgrade its manufacturing facility to meet increasing demand for electric vehicles both domestically and internationally.
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Vajram Electric Ltd, a key player in India's electric vehicle (EV) manufacturing sector, is preparing to raise funds to support its expansion plan. The funds will be used to enhance its production capacity and upgrade its manufacturing facility to meet increasing demand for electric vehicles both domestically and internationally.
As the global EV market grows, Vajram Electric aims to position itself as a potential manufacturing partner for international automotive brands, such as Acer Electric and Daewoo Motors. The expansion will help the company increase its production capabilities and align with technological advancements to stay competitive in the evolving EV sector.
The company's plan includes modernizing its existing infrastructure, adding production lines, and implementing automation and smart manufacturing technologies. This expansion will improve efficiency and allow Vajram Electric to produce a wide range of electric vehicles tailored to various market needs.
The EV industry’s growth, driven by increasing demand for sustainable mobility, presents a timely opportunity for Vajram Electric to establish itself as a key manufacturing partner for global brands like Acer Electric and Daewoo Motors. International automotive companies are looking to diversify their supply chains and increase production capacity for EVs, making Vajram Electric’s expansion particularly relevant.
Chandra Mouli, CEO of Vajram Electric, shared, "Our expansion is focused on increasing capacity and delivering high-quality products that meet our clients' needs. We aim to contribute to the global EV ecosystem through sustainable and efficient mobility solutions."
This expansion is in line with India’s goal to become a global hub for electric vehicle production. With government initiatives supporting EV adoption, Vajram Electric's efforts will not only contribute to the local market but also strengthen India's position in the global automotive industry.
Looking ahead, Vajram Electric plans to introduce new innovations, including electric trikes and e-cycles, to expand its product portfolio. The company will also begin offering contract manufacturing services to other EV businesses, broadening its market reach and strengthening its position as a trusted manufacturing partner in the global EV industry.