New Delhi: Electric vehicle manufacturer Omega Seiki Pvt Ltd has invested INR 100 crore to set up a manufacturing facility near Dhaka in Bangladesh. The new company will be registered as OSM-Bangladesh, Omega Seiki said in a statement.
Omega Seiki Mobility has two manufacturing plants in India, IMT Faridabad and IMT Manesar, in Haryana.
The modern, green field facility in Bangladesh will manufacture electric two-and three-wheelers and bicycles, the statement added.
The vehicles manufactured in Bangladesh will be sold under the OSM brand through local partners and franchises.
Uday Narang, chairman, Omega Seiki Mobility, said, “We trust that our vehicles will cater to an impressive response in the neighboring country. Bangladesh does not have an EV policy but it may change fast. I met many senior officials of the Bangladesh Industrial Development Agency and all of them welcomed Omega Seiki.”
Deb Mukherji, MD of Omega Seiki, said, “With electrification happening fast in automotive markets globally, we see it is time for the Bangladesh market to change. The transition in 2 and 3-wheelers will be fast as they contribute to the pollution and traffic chaos. Our vehicles will be powered by Li-Ion batteries and with powertrains to be built-in Bangladesh, with technology transfers from India.”
“In due course, we are looking at full localisation in Bangladesh. We would also be looking to export from Bangladesh to ASEAN, Africa and others. Bangladesh has a zero-tax policy for exports to 39 countries, including India. We are looking at selling in the northeastern states from there.”
Omega Seiki Private Limited is a member of the Anglian Omega Network. The company had said it would be investing INR 200 crore in India to focus on R&D and manufacturing for technology development and IT-driven businesses in the e-mobility segment.