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Under the agreement, the partners are looking to develop a new generation of fuel agnostic range of power train solutions meeting BS VI norms using diesel, petrol, CNG and electric power, the two companies said in a joint statement.
India is set to leapfrog from the current BS-IV emission norms to much stricter BS-VI by April 2020.
Atul Auto Chairman and Managing Director Jayantibhai Chandra said the company's relationship with Greaves has been spread over a decade and their "joint efforts have borne successful results on the ground in transporting people and goods in the last mile transportation space".
"With this new agreement, Atul Auto keeps its commitment to the Indian market to provide value driven solutions at the lower end of the market," he added.
Greaves Cotton MD and CEO Nagesh Basavanhalli said the company is investing in new technologies to build capabilities to meet demands for fuel agnostic, future ready solutions to serve last mile transportation market.
"These solutions will cover a range of fuels from diesel, petrol, CNG to electric...We are greatly encouraged by the response from our OEM customers like Atul Auto," he added.
Basavanhalli said Greaves also has the advantage of a large network of over 3,500 spares and service outlets, which can be upgraded to serve the entire range of fuel agnostic vehicles.