Ajanta Group makes quartz clocks and home appliances in India. The company is also into the business of manufacturing vitrified tiles, electric bikes and CFL lamps. It is a 1500 crore group that is now in process of acquiring a Chinese electric car maker that can produce at least 5000 electric car models annually. Ajanta is planning to introduce a new Rs one-lakh car in the Indian market sourced from an electric car manufacturer in Guangzhou, China.
Ajanta has not disclosed the details of the ongoing deal so far but the deal will be finalized before the end of this year. The company intends to bring its own brand of 'Oreva' cars for city ride and urban commutation. It already has its own electric bikes manufacturing unit in Kutch region of Gujarat where it produces 10,000 electric bikes every year.
“We have not yet decided on it, but are seeking the government support, so that we can develop cheaper vehicles for the Indian market.” VAT and excise duty put together make almost a fourth of the total manufacturing costs of the vehicle. “If the costs are lowered, we are capable of manufacturing battery-powered cars at Rs 1 lakh or less,” he said.
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