Jindal Worldwide acquires Indian EV manufacturer Earth Energy EV
Jindal Worldwide, an Indian textiles company, is foraying into the electric vehicles (EV) sector by acquiring Earth Energy EV, a Mumbai-based electric vehicle start-up.
The financial terms of the deal were not disclosed.
Jindal Worldwide has acquired Earth Energy EV through its subsidiary Jindal Mobilitric, which will establish a new manufacturing plant in Ahmedabad.
The new plant of Jindal Mobilitric will supplement the existing manufacturing facility in Maharashtra of Earth Energy EV.
The acquisition will give Jindal Mobilitric an indigenously developed technology platform along with Earth Energy EV’s brands that include Glyde SX and the Glyde SX+ variants of its commuter scooter and the Evolve R and the Evolve S commuter and cruiser motorcycles.
Rushii Senghani — CEO and founder of Earth Energy said: “We are very happy to work with Jindal Mobilitric. Our vehicles have been put through 700,000 testing hours and the confidence shown in us is commendable as we work together to build the Indian EV infrastructure that is a reliable and efficient modern scooter that is made for the modern commuter.”
Earth Energy EV has distributors in place in the states of Maharashtra, Gujarat, Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Chhattisgarh, Madhya Pradesh, and Odisha. The distributors will be retained by Jindal Mobilitric.
Apart from that, Jindal Mobilitric will introduce new touchpoints by bolstering the distributor network in each market.
Gaurav Davda — spokesperson of Jindal Mobilitric said: “Electric is the future of travel and we are happy to announce our foray into the electric vehicle segment. This acquisition will ensure that we make a strong start in our EV foray.”