LML to return to India with electric bike in 2023, aims to raise ₹500 crore
LML Electric, which was recently acquired from its parent company Lohia Machinery Limited from Kanpur, is aiming a grand comeback to the Indian markets next year. The new owner, SG Corporate Mobility, has announced that it plans to launch the first electric vehicle from the brand in India by next year. It is also trying to raise up to ₹500 crore to invest in setting up its new manufacturing facility in the country as the brand plans to return to business after nearly five years. and scale up business.
Yogesh Bhatia, MD and CEO at LML Electric, revealed the company's plans for India as well as other countries. "We are planning to launch three products and all are in different categories. Our first product, an electric bike (bicycle), is coming in the first half of 2023 for the European and the US market. Our second and third products will be launched in the second half of 2023 for India and other markets," Bhatia was quoted by news agency PTI.
Also check these Bikes
4 kWh
212 Km
LML is one of the oldest two-wheeler brands based in India. It had shut its operations back in 2018. It was acquired by SG Corporate Mobility, led by Bhatia, in August last year. LML Electric has joined hands with with Saera Electric Auto Pvt Ltd, which had acquired iconic American two-wheeler manufacturer Harley Davidson's manufacturing plant at Bawal in Haryana.
LML Electric's first product for India will be a hyper bike, which is essentially a crossover between an electric scooter and motorcycle. The second one is likely to be an electric scooter.
Bhatia said that LML Electric has already earmarked ₹350 crore investment for first phase of its operation which has taken care of brand acquisition, product development and initial production. It now aims to raise ₹400 crore to ₹500 crore for the second phase where LML Electric will look for expansion in India and abroad. "Parallelly, we are also exploring to set up our own manufacturing plant...Over 18 months to two years we will set up our own facility," said Bhatia.
LML Electric plans to manufacture around one million EVs after 2025. The facility in Bawal has an annual capacity of around 2.25 lakh units per year. The electric two-wheeler manufacturer also plans to set up sales network in every district of India with a partner in the next three to five years.
