In what comes as a big impetus to India’s electric vehicle dream, three prominent Japanese companies, led by Suzuki Motor Corp., plan to form a joint venture to produce lithium-ion batteries for electric vehicles in India. The other two companies are Denso Corp. and Toshiba Corp.
The joint venture company will be established in 2017 and shall start manufacturing at the earliest. The initial capital expenditure will be ¥20 billion (around $200 million).
According to Livemint, Suzuki Motor said in a statement that he joint venture company will be capitalized at ¥2 billion , with the planned participation ratio of SUZUKI 50 per cent, TOSHIBA 40 per cent and DENSO per cent respectively.
It also added that the battery pack manufacturing joint venture by the three companies will realize stable supply of lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to “Make in India” initiative by the Indian Government.
