In a bid to create, design, and manufacture green technology solutions for electric mobility and other sectors, Anand Group’s Chairman Anjali Singh and Vice Chairman Jaisal Singh on Thursday announced their new cleantech platform ‘ANEVOLVE.’
It will be investing INR 1,000 crore ($120 million) in the short term as part of the group’s commitment for a greener future, which will make it to fetch a turnover of at least INR 3,500 crore ($423 million) within the next five years.
Three International Partnerships
Jaisal Singh, who is also the Executive Chairman of ANEVOLVE, announced three partnerships with sustainable solution providers from Japan, Israel, and Britain. He also stated that the Group’s first EV-focused company, ANAND Mando eMobility (AMeM), a joint venture with HL Mando of Korea that manufactures motors for two, three, and four wheelers and controllers for two and three wheelers, will also form part of ANEVOLVE.
“The birth of ANEVOLVE is a significant step forward in our commitment to help build a greener, cleaner planet by bringing a sharper focus and renewed vigour to our strategic growth plans in this space,” Singh said at the launch.
The company will be hiring about 2,500 professionals in the process. It will operate from the National Capital Region and house an innovation hub, a design centre for advanced technologies, as well as manufacturing facilities in other parts of India. AMeM already has a manufacturing facility in Bhiwadi, Rajasthan.
Different MoUs For EV Components
As it builds its platform, ANEVOLVE has signed a MoU with an Israeli start-up, ZOOZ, to initially supply the Tel Aviv-based company critical precision machined parts for mechanical Energy Storage Systems for EV infrastructure in international markets, especially the United States and Europe.
A MoU has also been signed with Japanese sustainable energy solution provider Headspring Inc to set up an engineering centre in India to conceptualise, design, and develop advanced power electronic solutions for future clean mobility applications, in areas such as powertrains for EVs, convertors, and chargers.
The company also signed a third MoU with technology start-up Viritech from Britain to explore providing integrated system solutions for deploying hydrogen fuel cell-based powertrains for clean mobility applications.
Sunil Kaul, President & Chief Technology Officer, ANAND, added, “The entire business eco-system will have to shift to more sustainable products, systems, and operations. We, through ANEVOVLE, intend to be a catalyst in India’s journey towards clean mobility.”
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