Foton PMI to invest Rs. 500 crore to set up electric bus manufacturing unit in Pune.
November 08, 2019
PMI Electro Mobility Solutions Pvt Ltd. (PEMSPL) recently said it plans to invest Rs. 500 crore along with its Chinese partner Beiqi Foton Motor Co (Foton) for setting up an electric bus manufacturing plant at Pune in the next two to three years.
PEMSPL, which holds 70 per cent in its joint venture with Beiqi Foton with the rest by the Chinese partner, also said it has entered into a pact with budget carrier SpiceJet to supply electric buses for its operations at Indira Gandhi International Airport.
"Currently we (PMI) have a manufacturing plant at Daruhera in Haryana for conventional buses which can also roll out electric buses. With new orders coming in we have decided to set up an electric bus manufacturing plant at Pune where Foton's facility is there," PEMSPL Vice-Chairman and Executive Director Anurag Agarwal told PTI here.
He said Foton PMI has bagged orders to supply 700 electric busses to Uttar Pradesh in the next one year. It has already supplied 50 electric buses to Himachal State Road Transport Corporation.
Elaborating on the company's future plans, Agarwal said,"we will be investing around Rs. 500 crore at the Pune plant in the next two to three years."
Currently Foton PMI has 55 per cent local manufacturing and complies with FAME II scheme requirement, Agarwal said, adding, "we intend to take this up to 75 per cent in the next two to three years."