Business Standard

Australian company to make India a key manufacturing base


Press Trust of India Melbourne
Newly-merged Australian company Libcoin Avass is planning to make India its key base by expanding its operations in the manufacture of buses, batteries and charging stations, top company officials said on Friday.
Libcoin, which acquired the assets of Avass, its people and customer contracts on August 27, will focus on providing fully integrated electric transport infrastructure globally, including India.
"The acquisition will greatly assist the trade relationship between Australia and India in line with the India Economic Strategy to 2035 Report recently released by Australian government," Muthuraj Guruswamy, CEO of the company, said.
It will also "help Libcoin to provide an integrated solution for batteries, electric vehicle manufacturing and charging stations," he said.
Guruswamy said that the company would now look at the opportunities of expanding operations to India, seeing India as one of its key bases to manufacture buses, batteries and charging stations, aligning closely with the Make in India policy.
Ricky Duggal, Chairman of Libcoin Avass, said the new venture will globally assist in achieving emissions targets in line with the Paris Agreement.
Utilising the experience of Libcoin with rechargeable Lithium-ion battery technologies, Libcoin Avass will be offering sustainable, environmentally friendly transport options across both consumer and commercial ranges.
Given the increasing consumer awareness of environmental protection and in view of recent development trends of the electric vehicle industry, Libcoin Avass is targeting the huge potential of the global electric vehicle market, Allen Saylav, Director of the company, said.

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First Published: Aug 30 2019 | 3:05 PM IST

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