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Kinetic Green to raise $35 million to fund Rs 200 crore investment plan

Company to roll out electric golf carts for Tonino Lamborghini

T E Narasimhan  |  Chennai 

Kinetic Green, electric 3-wheelers

Kinetic Green Energy and Power Solutions Ltd, part of the Kinetic & Firodia Group, is planning to raise around $35 million from private equity (PEs) to support it's Rs 200 crore investment plans.

The company has formed a joint venture with Tonino Lamborghini to manufacture premium electric golf carts for global markets. It will roll out its first product in September this year.

After announcing a tie-up with Bharat Petroleum Corporation Ltd (BPCL) today for a nationwide battery swapping network, Sulajja Firodia Motwani, founder and CEO, Kinetic Green said so far the company had invested around Rs 100 crore and will be investing around Rs 200 crore in developing new products, technology, capacity and others.

The investments also include setting up manufacturing capacity for golf carts at a cost of around Rs 30 crore. The company will be launching its first product from the JV, in which it holds 75 per cent stake, in September this year.

Kinetic will be the exclusive manufacturer for Tonino Lamborghini, which will cater the global market estimated to be around $3 billion.

Kinetic, which is currently manufacturing e-rickshaw, e-auto, and e-cargo carriers, catering mostly to e-commerce firms for upto 500 kgs, is doubling its manufacturing capacity to 12,000 per month.

The expansion comes on the back drop of the company's plan to enter seven more new cities including Nagpur, Pune, Kanpur, Vijayawada, Patna and Chennai.

"All this would require around Rs 200 crore investment and to support which we are planing to raise around $30 million and we will close the deal in the next 2-3 months," she said.

The company today announced a tie-up with for e-Drive, an electric vehicle mobility solution based on swappable battery technology.

Under the alliance, a range of electric three wheelers, specifally designed for facilitating swappable and a 2-minute battery swap will be deployed by Kinetic Green and BPCL, with the support of IIT Madras, will provide smart lithium-ion batteries and set up battery swapping stations across the country.

It may be noted, got a network of around 12,000 gas stations which can be leveraged by the Alliance.

First Published: Mon, February 03 2020. 17:22 IST