Titan Investment Corporation, an Indian company that develops electric vehicles, has signed an agreement with the National Electric Vehicles Limited (NEVIL) to establish a small investment vehicle business in the country.
The agreement has been signed by CEO, N.R. Narayana, and Managing Director, R.N. Dhanapathi, in New Delhi.
The joint venture will be led by a subsidiary of Titan, the company said in a statement.
Titan’s investment in the NEVIL venture will focus on the development of electric vehicles in the Indian market.
“The investment will enable us to continue our investments in EV technologies, build a strong portfolio and provide an opportunity to more than 3,000 small and medium enterprises in the EV space.
The partnership will also create opportunities for Titan’s own growth,” the statement said.
Titans main focus will be in the development and production of EV battery technology.
“We are confident that with this new opportunity, we will further accelerate our growth, strengthen our portfolio and create a strong brand in India,” Narayanas statement said, adding that he was confident that the NEVs technology will provide more value to the Indian economy and help drive growth in the sector.TNT, which has more than 2,400 employees in India, is currently working on the Tesla Roadster electric car.
It is also a leading manufacturer of plug-in hybrids in the United States, Canada, Europe, and Asia.
The company said it plans to invest Rs 4,500 crore (US$5.8 billion) in India and $5,500 crores (US $6.2 billion) globally over the next five years, focusing on electric vehicles.TENE is one of India’s largest listed listed companies, with $5.7 billion (US) in annual revenues.