Coimbatore-based EV manufacturer Bharat New-energy Company (BNC) has secured around Rs 45-50 crore ‘strategic investment’ from Japanese company Musashi Seimitsu Industry.
Musashi is a Tier 1 auto component company headquartered in Toyohashi-city, Aichi, Japan.
Musashi and BNC are collaborating to promote the adoption of e-mobility in India, focusing on the two-wheeler segment to begin with. Both companies have been selected under the Production Linked Incentive Scheme for automobile and auto component sector and are committed to establishing local electric vehicle manufacturing and supply chain capabilities, said a company statement.
While Musashi is focused on auto components including electric power train and battery technologies, BNC is focused on vehicle development and distribution.
The investment is in-line with Musashi’s aim to “contribute to the realization of a prosperous global community, where people and environment are in harmony, and Musashi’s strategy towards carbon neutrality,” said the statement. Apart from the investment from Musashi, existing investors of BNC also participated in this round of fund raise.
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Such a commitment by a lower middle come country, despite her per capita CO2 emission (1.9 tonnes) being only 12.2 per cent of that of the US (15.5 tonnes), is a reflection of India’s commitment to sustainability.