Okinawa Autotech is reportedly investing INR 200 crore to set up a second manufacturing plant in Rajasthan.
According to ET the Gurugram-based company has acquired land near Bhiwadi for the second manufacturing plant; first phase of the plant is expected to be commissioned towards the beginning of 2020-21.
The all new plant will have a total manufacturing capacity of one million units. The plant will be funded through a mix of debt and internal accruals.
The company already has its first manufacturing unit in Rajasthan which has an annual capacity of 90K units in one shift.
Jeetender Sharma, founder, Okinawa Autotech speaking to the publication said “We expect the market for electric twowheelers and three-wheelers to grow to 7-8 million units by 2022. We want to gain leadership position in the electric two-wheeler segment and will be ready with the required products, technology and capacity for the same.”
Okinawa is one of the first startups to receive certification from the Automotive Research Association of India’s (ARAI) approval for two products – Okinawa I-Praise and Okinawa Ridge+ to claim FAME II incentives.
The models will be able to claim FAME II subsidy between INR 17K and INR 26K depending on the KWH used.
Sharma said both the vehicles have 80% localization and are thus in compliance with FAME II specifications.