Latest News | Raft Cosmic EV to Invest Rs 50cr in Bengal
Get latest articles and stories on Latest News at LatestLY. Raft Cosmic EV, a subsidiary of a Kolkata-based group, plans to invest Rs 50 crore to establish a new manufacturing plant for electric scooters at Domjur in West Bengal's Howrah district with an annual capacity of 12,000 two-wheelers.
Kolkata, Sep 9 (PTI) Raft Cosmic EV, a subsidiary of a Kolkata-based group, plans to invest Rs 50 crore to establish a new manufacturing plant for electric scooters at Domjur in West Bengal's Howrah district with an annual capacity of 12,000 two-wheelers.
The Kolkata-based Cosmic Birla Group, which previously focused on manufacturing components for electric two-wheelers, entered the complete electric e-scooters segment in 2023 by acquiring Raft Motors in Maharashtra for Rs 40 crore.
"While we are currently selling e-scooters from our Maharashtra plant acquired in 2023, our new EV plant in Domjur will be operational by October," said Aditya Vikram Birla, Chairman and Managing Director of the Cosmic Birla Group.
"The new plant will feature two manufacturing lines with a combined capacity of 12,000 e-bikes per year," he said.
By the end of the current fiscal year (FY'25), the group aims to achieve a total capacity of 18,000 e-scooters annually, including the capacity of the Maharashtra plant.
Prior to the acquisition, Raft Motors had been producing electric vehicles for several years, generating annual revenue of Rs 11-12 crore.
Under Cosmic Birla Group's leadership, the company is targeting a revenue of Rs 100 crore in FY'25.
The Cosmic Birla Group is a significant supplier of components and products for Indian Railways in engineering and operates 12 factories in West Bengal, primarily concentrated in and around Howrah.
The group also includes the BSE-listed Cosmic CRF Ltd and several other unlisted companies.
As part of its growth strategy, the group is currently exploring another acquisition opportunity that could contribute to its inorganic expansion.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)