Kolkata-based KSL Cleantech Limited is gearing up to expand its electric vehicle business in India. KSL Cleantech, formerly known as Kirti Solar Limited, will now be focussing on electric two- and three-wheelers, as well as small commercial and passenger vehicles. The company intends to invest ₹ 200 crore in the next three years on the development of electric two- and three-wheelers and to expand manufacturing capability. These models will be manufactured in India in a phase-wise manner, and as many as 10 new variants of electric vehicles will be launched in the next 12 months.
"The entire market for land transport will switch to electrification in the near future. The government wants to bring in EVs swiftly to tackle pollution, and this gives us an opportunity to address a market looking for quality and performance and show an EV can outperform. We have set an ambitious target of entering the EV space in a big way. We are considering and evaluating opportunities for setting up a manufacturing facility in India," said Dhiraj Bhagchanda, Managing Director, KSL Cleantech Ltd.
Currently, KSL Cleantech is developing various prototypes of mini passenger vehicles and is currently in discussions with a global technology partner in the EV space. In FY 2019, total electric vehicle sales in India crossed 7.5 lakh units, with sales of total electric vehicles reaching 7,59,600 units. Electric two-wheelers alone account for 1.26 lakh unit sales, while electric three-wheelers account for 6.3 lakh units. Electric two-wheeler sales grew 130 per cent year-on-year in FY2019. KSL Cleantech is expected to make some strategic announcements soon, with its electric vehicle plan for the immediate future. Currently, the company has a few models of electric three-wheelers which are being sold across India through a large numbers of dealers and channel partners.