Kanpur-based LML Electric is talking to investors to give shape to its ambition of developing, manufacturing and distributing electric scooters, with a 2022 launch target.
The promoters of the newly registered company, led by Managing Director and CEO Yogesh Bhatia, said they are evaluating investment proposals from a number of interested parties who want to either become a strategic partner or technological partner or both.
“LML is a great brand and we need to tap its potential. We have received investment proposals from various parties which our team is evaluating. The promoters own 100 percent of the company as of now. We would like to close the fund-raising activity before the end of the October-December quarter. This project would require around Rs 1,000 crore,” Bhatia said in an interview with Moneycontrol.
The electric two-wheeler segment is currently witnessing strong demand momentum for both low and high-speed models thanks to direct incentives provided by the Centre and States as well as new-generation technologies offered by the manufacturers.
News Source: Moneycontrol
