Omega Seiki to Invest $981 Million in India’s EV Parts Plants

Omega Seiki
Omega Seiki to Invest in India’s EV plant Start-up of an electric vehicle (EV) Omega Seiki Mobility has formed a joint venture (JV) with iM3NY.

Start-up of an electric vehicle (EV) Omega Seiki Mobility has formed a joint venture (JV) with iM3NY, a lithium-ion cell manufacturer based in the United States, to introduce battery cell technology to India. According to specialists, the Indian battery industry now has a total demand of 3GWh, which is predicted to climb to 20GWh in 2026 and 70GWh in 2030.

In 2022, Omega Seiki formed a joint venture with Korean electric powertrain producer Jae Sung Tech. For Omega Seiki’s EVs, the firms have developed up to six distinct electric powertrains ranging from 7.5KW to 34KW.

Omega Seiki claims to be India’s first completely integrated electric original equipment manufacturer (OEM), making its own battery packs, powertrains, metal assembly, and automobiles as a result of partnerships with iM3NY and Jae Sung Tech.

Uday Narang, Founder and Chairman of Omega Seiki Mobility, says, “Omega Seiki is India’s first fully-integrated electric vehicle OEM with its own battery and powertrain technologies. These technologies give us control over the critical parts of the supply chain, thus helping us become a large-scale player in the industry.”

He added, “As cell and battery technologies are evolving rapidly, any serious OEM will need to continuously invest in them. Alliance with iM3NY ensures our access to world-class technology in batteries. Similarly, powertrains are evolving into high-efficiency, integrated systems, which Jae Sung Tech brings to us. I compliment both my partners and welcome them to India.”

Omega Seiki operates four manufacturing plants in Delhi-NCR and Pune. It will shortly establish two new greenfield component manufacturing sites. The corporation has set aside Rs 800 crore for the establishment of component facilities.