Friday, August 14, 2020

We Are an Indian Company With No Foreign Investments: PMI
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Date: 07-07-2020 5:15PM
Source: PMI
Category: Business/ Finance, Financial Analyst & Investors, General, Govt. & Public Policy, Automotives, Stock Exchanges, Consumer Electronics, Electronic Appliances And Components, Manufacturing Companies, Automobile
Location: New Delhi, Delhi, India

Business Wire India
PMI Electro Mobility Solutions Private Limited (PMI), a zero-emission commercial vehicle manufacturer from India has been disconcerted of it being mistaken to be a Chinese company, despite being an Indian Company with a vision to promote “Make In India”.

Envisioning to establish an electric vehicle manufacturing base in India, PMI is committed with a vision to be one of the largest commercial vehicle manufacturers in the new energy commercial vehicle space. To avail the advantage of developed technology, and to allow the industry to grow inorganically, PMI in 2017 entered into a technology assistance agreement, with Beiqi Foton Motors, China. (Foton). Foton already laid its footprints in India in 2008 through its Indian subsidiary Foton India through which in 2011 they entered into a MoU with Maharastra State Government to establish a manufacturing base in India, for commercial vehicles with a commitment to invest INR 1650 Crore in India of which already investment of around INR 600 Crores has been made.

Thus, PMI and Foton India, both Indian Companies thereafter have entered into a Joint Venture and further incorporated a Joint Venture Company, with PMI being a majority shareholder, ensuring a completely Indian manufacturing unit to be established to manufacture new energy commercial vehicles, with technology support from Foton.

Mr. Aman Garg, Director PMI Electro said, “In the process of establishing the unit, Joint Venture Company in the coming years, envisages to set-up a completely indigenous Battery Manufacturing Unit, and for all the other Parts, Components, Assemblies or sub-assemblies for Manufacturing of New Energy Commercial Vehicles. Further, the company complies with the FAME II Scheme, of Government of India, which mandates localization and manufacturing in India, with the ultimate aim of Indianisation of the product and bring out a completely “Make in India” product.”

“As a responsible Indian Company, we stand committed to nation-building. PMI as an enterprise is promoter funded, with no direct or indirect investments from any Chinese Company or in fact any overseas company” added Mr. Garg.

PMI is a subsidiary company of PMI Coaches Private Limited, under the leadership of Mr. Satish Kumar Jain. The company has a pedigree of being one of the largest coach manufacturing company in India, being domiciled and having manufacturing unit in Dharuhera, Rewari, Haryana.

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