MT Autocraft is investigating EVs with Rs 100 cr financing, to employ 200 people

MT Autocraft, a leading supplier of machined components and assemblies, announced the launch of an electric mobility company on Wednesday MTA E-Mobility Pvt Ltd (MTA EV) with a seed funding of Rs 100 crore.



The electric mobility startup, which plans to hire an additional 200 people, has built a dedicated factory spanning three hectares in Palwal in the national capital.

The company said it aims to become a complete provider of electric mobility solutions.

“We have planned an initial investment of Rs 100 crore, which will be funded by MT Autocraftthe Sehgal family and a few high net worth individuals (HNIs),” said Karan Sehgal, co-founder of MTA EV.

vivek yakhmolaan industry veteran and former president of JBM Group, has joined as a co-founder of the newly formed MTA EV.

Jakhmola was also a director of several companies in the Lumax Group and brings more than 25 years of experience.

The company plans to hire an additional 200 people over the next 12 months.

“We strive for a sustainable organization with a sharp focus on technology through self-reliance and interdependence of our foreign cooperation partners. We are already a 50-plus strong team in R&D and market research. The team size will increase to 200 plus in the next 12 months, said Yakhmola.

The company will showcase its products and technology at the upcoming ‘Auto Expo 2023’.

The MTA EV plant has in-house facilities for assembly, end-of-line vehicle inspection, production monitoring, paint shop, chassis fabrication and surface coating.

ALSO SEE:

Pet-care startup Supertails.com raises $10M in Series A funding

Archean Chemical Industries IPO Registered 30% on Day 1