Auto component maker Bharat Forge today said it had formed a joint venture (JV) with KPIT Cummins Infosystems to produce a hybrid engine technology, which will hit the market in six months.
The two companies have formed a 50:50 JV and earmarked an initial investment of Rs 100 crore to set up a new manufacturing facility for the hybrid engine technology in Pune. The technology, dubbed 'Revolo', will enable both existing and new vehicles to increase fuel efficiency and engine performance, while decreasing greenhouse gas emissions.
"This new technology has been indigenously developed and will cost just about ¤1,500 compared to at least ¤10,000 in Europe... We will at first target it for Indian customers," Bharat Forge Chairman and Managing Director Baba Kalyani said.
"We believe our partnership with KPIT Cummins will bring a sea change in India's fossil fuel consumption. This will also help the nation to meet its environmental commitments. We expect this indigenous solution would offer vehicle owners the best of both worlds — the ability to go green, while achieving greater performance," Kalyani said.
As part of the agreement, KPIT Cummins will license the plug-in hybrid technology to the JV, while Bharat Forge will manufacture the product.
"This solution will be marketed in both aftermarkets and to Original Equipment Manufacturers. We are currently talking to both domestic and global vehicle makers," KPIT Infosystems Chairman and Group CEO Ravi Pandit said.
The company will offer the technology to cars with engine capacities varying between 800 cc and 3,000 cc. The cost of the product will be Rs 65,000 to Rs 1.5 lakh, he added.
The new technology will replace the entire transmission of the car.
"This innovation will allow automakers to introduce vehicles with improved mileage, better performance and significantly reduced carbon emissions," Pandit said.