New Delhi: Gurugram-based electric two-wheeler manufacturer Okinawa Autotech is investing ₹200 crore to set up a second manufacturing plant in Rajasthan.
The company has acquired land near Bhiwadi for the new plant, which will have a total manufacturing capacity of one million units. The first phase of the plant will be commissioned towards the beginning of 2020-21. The plant will be funded through a mix of debt and internal accruals, according to the company.
Okinawa Autotech reported revenue of ₹200 crore for 2018-19.
“We expect the market for electric twowheelers and three-wheelers to grow to 7-8 million units by 2022. We want to gain leadership position in the electric two-wheeler segment and will be ready with the required products, technology and capacity for the same,” said Jeetender Sharma, founder, Okinawa Autotech.
The company recently received certification from the Automotive Research Association of India (ARAI) for two products – Okinawa I-Praise and Okinawa Ridge+ – for being compliant to FAME-II (Faster Adoption and Manufacture of Hybrid and Electric Vehicles) standards.