Omega Seiki Mobility Joins Hands with iM3NY; Reveals Plans to Invest INR 800 CR

Opportunity India Desk
Opportunity India Desk Jan 30 2023 - 4 min read
Omega Seiki Mobility Joins Hands with iM3NY; Reveals Plans to Invest INR 800 CR
Omega Seiki is currently into commercial electric vehicles used for logistics and last mile deliveries; its first vehicle Rage+ was launched in 2020.

Founder of electric vehicle company Omega Seiki Mobility, Uday Narang has revealed the company’s plans of investing INR 800 Cr in the electric mobility sector. The company is ready to set up two new manufacturing centres for electric vehicle batteries and powertrains in the next two years. The company, a subsidiary of Anglian Omega Group, has formed a joint venture with US based iM3NY on last Sunday for better cell technology for the Indian market.

For the powertrain side, Omega has partnered with a South Korean company Jae Sung. The plan is to make six electric vehicle powertrains with different power capacities ranging from 7 to 34 KW. Both of these steps are said to be taken by the company to become a prominent player of Electric Vehicle Original Equipment Manufacturing (EV-OEM).

While signing off the JV, Uday Narang, Founder and Chairman, Omega Seiki Mobility said "Omega Seiki Mobility is India's first fully integrated electric vehicle OEM with its own Battery, Power train technologies. These technologies give us the control over the critical parts of the supply chain thus helping us become a large scale player in the industry. As cell and battery technologies are evolving rapidly, any serious OEM will need to continuously invest in them. Alliance with iM3NY ensures our access to a world class technology in batteries. Similarly, Power trains are evolving into high efficiency, integrated systems which Jae Sung Korea brings to us. I compliment both my partners and welcome them to India."

Narang said that adding these technologies will help the company understand and fill the gap in the critical supply chain of the electric vehicles in India which will eventually make the company a large player in the industry.

When asked about the investment part of this plan, Narang said that the company would invest INR 800 Cr over the period of next two years. He added that planning of setting up the powertrain facility in Haryana and a battery facility in Maharashtra is going on.

He stated, "In phase one, we will primarily get cells from China and do battery packs. In the next phase we will establish a cell factory. First phase will start in June 2023 and then the next phase will be in 2024-25.”

Narang pointed out the capacity of the factory by saying that the company is eyeing a “giga factory”. He said the start would be small but the result would indeed be a big facility to fulfil demand of the country.

Chaitanya Sharma, CEO, iM3NY said, "We are incredibly excited to work with Omega Seiki, a like-minded partner with a future-focused mind-set. This partnership is strategically important for the electrification of the automotive industry, an undeniable trend that iM3NY is proud to be a part of. "

Narang also added that the powertrain facility will have the ability to make 10,000 units this year and would gradually be increased to 1 lakh units in the fourth year. EV Powertrain consists of motor, gear reducer unit and controller. This is the critical part which powers the vehicle. Omega Seiki will manufacture these along with Jae Sung Korea as their JV partner.

Speaking on the powertrain, Narang said, "Our Powertrains have always been high quality and reliable. Now we are very pleased to bring the next generation of motor, controller and gear unit technology to India. This is an integrated design which packs in more power, efficiency and acceleration at a much cheaper cost. I am very pleased with the work done by partners Jae Sung and team".

Lee Hyunjin, President of Jae Sung Korea said, "We are very pleased to tie up with Omega Seiki who are the market leaders in electric 3 wheelers. We have designed our Higo Powertrains for India keeping Indian driving conditions in mind. These are integrated designs, 20 per cent lightweight and have more power than existing powertrains. This makes the vehicle lighter and gives more mileage. We have developed 6 variants from 7KW to 34 KW which we will bring to our India JV. I am very excited with this alliance."

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