Electric vehicle (EV) maker Omega Seiki on Thursday said it plans to invest Rs 100 crore to set up a manufacturing plant near Dhaka, Bangladesh.
In a press statement the company stated that the set up would be known as OSM-Bangladesh, the company, which is a part of the Anglian Omega Group, reports the Economic Times.
Currently, Omega Seiki has two manufacturing plants in India, located at IMT Faridabad and IMT Manesar, Haryana.
"We trust that our vehicles will cater to an impressive response in the neighboring country. Bangladesh at present does not have an EV policy but it may change fast," Omega Seiki Mobility Chairman Uday Narang said.
The vehicles manufactured in Bangladesh will be sold under the OSM brand through local partners and franchises, reports the Economic Times.
"With electrification happening fast in automotive markets globally, we see it is time for the Bangladesh market to change as well. The transition in 2 and 3 wheelers will be fast as they contribute to the pollution and traffic chaos," Omega Seiki MD Deb Mukherji said.
The company's vehicles will be powered by Li-ion batteries and with powertrains which would-be built-in Bangladesh, with technology transfer from India, he added.
"In due course, we are looking at full localisation in Bangladesh. We would also be looking to export from Bangladesh to global locations e.g. ASEAN, Africa, etc. Bangladesh has a zero-tax policy for exports to 39 countries. This includes India as well and we are looking at selling in the northeast from there," Mukherji said.