Leading supplier of machined components and assemblies, MT Autocraft has launched its electric mobility company, MTA E-Mobility (MTA EV) with a seed fund of INR 100 crore.
“We have planned an initial investment of INR 100 crore which will be funded by MT Autocraft, Sehgal family, and a few HNIs,” said Karan Sehgal, Co-founder, MTA EV.
Vivek Jakhmola, former president of the JBM Group, has come on board as Co-founder. MTA EV has a dedicated plant spread over three acres at Palwal in the national capital region and is looking at becoming a complete electric mobility solutions provider.
The initial focus will be on manufacturing electric vehicles and key electrical systems. Already a 50-member team, Jakhmola said the company plans to hire another 200 people in the next 12 months.
‘We aim to create a sustainable organization with a sharp focus on technology through self-reliance and intra-dependence on our foreign collaboration partners,’ he added.