Electric vehicle manufacturer, Triton EV has been going through the process of acquiring debt-ridden AMW Motors’ manufacturing plant in Bhuj for Rs 210 crore.
Sources have confirmed at the Auto Expo 2023 that the National Company Law Tribunal, Ahmedabad bench has approved a resolution plan submitted by Triton Electric Vehicle LLC last month.
“Triton Electric Vehicle LLC has emerged as the successful bidder for plant and machinery, land and building etc of AMW Motors for Rs 210 crore. The resolution plan has been approved by NCLT, Ahmedabad bench on December 21, 2022,” the source said.
When contacted, Triton EV founder and managing director Himanshu Patel confirmed the development.
“We are working on completing the regulatory process and approvals. We will try to make the plant operational at the earliest possible time frame after all approvals are in place,” Patel said.
Triton EV will use the facility for producing EV buses, EV trucks, EV cars and Hydrogen buses as well.
In October, Triton EV issued a letter of intent to the defence public sector unit Bharat Electronics for the procurement of battery packs for its semi-truck project in India at an estimated value of Rs 8,060 crore.
Patel has earlier said that the company is developing an EV ecosystem in India through a consortium that has committed Rs 10,000 crore investment in India over a period of the next 4 years in which Triton EV will contribute Rs 1,100 crore.