Electric mobility manufacturer, Omega Seiki Mobility Pvt (OSM) has announced to invest 8 billion rupees ($981 million) to build two facilities in India to manufacture electric vehicle components such as batteries and power trains.
The New Delhi-based company has tied up with startup iM3NY, which manufactures lithium-ion cells in New York, to produce batteries in the South Asian nation, it said in a statement.
OSM, founded in 2018, has also entered a joint venture with Jae Sung Tech Korea to make electric vehicle power trains locally, it said.
The demand for lithium-ion batteries in India will increase from 3 gigawatt-hour currently to 20 gigawatt-hour by 2030, consultancy Arthur D Little estimates, making it crucial to ramp up local cell manufacturing capacity. India imports 70% of its lithium-ion cell requirement from China and Hong Kong due to a lack of local production.
OSM battery facility in the western state of Maharashtra will have a capacity of 0.5 gigawatts initially and scale up to 2 gigawatts, the company said.
Its power train plant in Haryana will produce 10,000 units in 2024 and 100,000 by the fourth year, it said.