Omega Seiki to invest $981 million in EV parts plants in India

Omega Seiki Mobility Pvt. will invest 8 billion rupees ($981 million) to build two facilities in India to manufacture electric vehicle components such as batteries and power trains.

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The New Delhi-based company has tied up with startup iM3NY, which manufactures lithium-ion cells in New York, to produce batteries in the South Asian nation, it said in a statement Sunday.

Omega, founded in 2018, has also entered a join venture with Jae Sung Tech Korea to make electric vehicle power trains locally, it said.

The demand for lithium-ion batteries in India will increase from 3 gigawatt-hour currently to 20 gigawatt-hour by 2030, consultancy Arthur D.

Little estimates, making it crucial to ramp up local cell manufacturing capacity.

India imports 70% of its lithium-ion cell requirement from China and Hong Kong due to lack of local production. 

Omega’s battery facility in the western state of Maharashtra will have a capacity of 0.5 gigawatt initially and scale up to 2 gigawatt, the company said.

Its power train plant in Haryana will produce 10,000 units in 2024 and 100,000 by the fourth year, it said.