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Economy & Business

MT Autocraft expands its EV business with Rs 100 crore in investment and 200 new hires

The Hawk
November9/ 2022

New Delhi (The Hawk): On Wednesday, MT Autocraft, a well-known provider of machined parts and assemblies, announced the establishment of the electric vehicle startup MTA E-Mobility Pvt Ltd (MTA EV) with a seed investment of Rs 100 crore.

The electric transportation firm has constructed a specialised facility on three acres at Palwal in the national capital region and plans to hire 200 more staff there.

The business declared its intention to develop into a full-service provider of electric mobility solutions.

According to Karan Sehgal, co-founder of MTA EV, "We have planned an initial investment of Rs 100 crore that will be supported by MT Autocraft, the Sehgal family, and a few high-net-worth people (HNIs).

As a co-founder of the recently established MTA EV, industry veteran and former president of JBM Group Vivek Jakhmola has joined.

Jakhmola has more than 25 years of expertise and has served as a director at several Lumax Group firms.

In the upcoming 12 months, the company intends to add 200 more employees.

We already have a team of more than 50 in R&D and market research, and in the upcoming 12 months, that number will rise to more than 200. "We aim to create a sustainable organisation with a sharp focus on technology through self-reliance and intra-dependence on our foreign collaboration partners," said Jakhmola.

The business plans to exhibit its goods and technological advancements at the upcoming "Auto Expo 2023."

According to the statement, the MTA EV factory offers on-site capabilities for assembly, end-of-line vehicle inspection, production monitoring, paint shop, chassis fabrication, and surface coating.

(Inputs from Agencies)