Suzuki Motor Corporation, Toshiba Corporation and Denso Corporation will establish a joint venture company this year to make lithium-ion battery packs for vehicles in India.
The three companies “signed the agreement” and an initial investment of 20 billion Japanese yen (nearly Rs 1,200 Crore, $184 million) will be made in this joint venture, Suzuki Motor Corporation said in a statement on Friday.
The announcement is expected to supercharge the electric vehicle sector in the country, which has not really picked up with just a handful of other electric automakers in the market.
“The joint venture company will be established within 2017 and shall move to manufacturing phase at earliest possible timing,” Suzuki Motor Corporation said in a statement.
“The joint venture company will be capitalised at 2 billion Japanese yen, with the planned participation ratio of Suzuki 50%, Toshiba 40% and Denso 10% respectively,” the statement added.
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