EV startup River exploring Telangana for Rs 1K crore manufacturing facility

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HYDERABAD: Bengaluru-based electrical autos (EV) startup River Mobility Pvt Ltd is exploring the potential of establishing a 5 lakh autos every year EV manufacturing facility in Telangana at an funding of round Rs 1,000 crore.
“We are actively discussing with govts of Telangana, Tamil Nadu, Karnataka and Andhra Pradesh for land where we can construct our own factory.We would need anywhere from 25 to 50 acres for a facility that can churn out half a million units per year,” Aravind Mani, CEO, River Mobility advised TOI.
He stated the corporate has already invested about Rs 250 crore in its R&D facility and leased manufacturing facility in Bengaluru, the place it has a capability to make 1 lakh items every year and the subsequent huge funding can be Rs 1,000 crore within the bigger owned facility for which it’s scouting for choices in southern states.
Pointing out that the corporate has already raised round $68 million (approx. Rs 575 crore) over the past three years, Mani stated the corporate has very robust buyers on board together with Japanese giants equivalent to Yamaha, Toyota, Mitsui and Marubeni.
“River is the first investment in India for Maniv Mobility, Trucks VC, Lower Carbon Capital, Toyota Ventures, Al-Futtaim Automotive and Marubeni Ventures,” he stated whereas saying the opening of the corporate’s first retail outlet in Hyderabad.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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