Jindal Stainless Friday said it is eying 25 per cent e-rickshaw market share by 2021, and expects the segment to generate revenues to the tune of Rs 200 crore over the next two years.
Claiming to have developed the first stainless steel e-rickshaw prototype in India with superior body and chassis performance as compared to carbon steel e-rickshaws, the company is eying to tap market in Uttar Pradesh, NCT, West Bengal, Maharashtra and Gujarat.
As a new business development initiative towards sustainable transportation, after stainless steel bus bodies and railway coaches and wagons, Jindal Stainless is now in talks with manufacturers to facilitate roll-out of stainless steel electric rickshaws (e-rickshaws), the company said in a statement.
"Jindal Stainless is targeting a 25 per cent share of the total e-rickshaw market in India over the next 2 years fetching estimated revenue of Rs 200 crore," the company said.
The company expects an annual volume demand of 13,000 metric tonnes from this new business development initiative by 2021, it said.
"Considering the market potential that Uttar Pradesh has to offer, the state will be one of our key focus areas. We will extend our full support to e-rickshaw manufacturers in designing and developing stainless steel models that are affordable, high on RoI, and user-friendly," Jindal Stainless Managing Director Abhyuday Jindal said.
He further noted that continued government subsidies will enable faster adoption and will speed up market growth.
Given the high potential market of Uttar Pradesh, Jindal Stainless is participating in the EvExpo 2019 at Lucknow with an intention to forge partnerships with local E-rickshaw manufacturers, the statement said.
The stainless steel E-rickshaw prototype, it said, has been well received by the domestic e-rickshaw manufacturers and Haryana based E-rickshaw manufacturers have already received orders for over 100 stainless steel E-rickshaws.
Amidst rising environmental pollution concerns, e-rickshaws have emerged as the most economical option for last mile connectivity in both urban and rural areas.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)