NEWS

KARNATAKA: GOLDSTONE TO SETUP SECOND MANUFACTURING PLANT FOR ELECTRIC BUS FACILITY WITH INVESTMENT OF Rs.500 CRORE

By TNI Network
Date: Apr 03 , 2018

New DELHI: Goldstone Group in collaboration with China’s BYD will invest Rs. 500 crore to set up its second manufacturing facility, in Karnataka.

As per sources by the end of the year the facility will be operational, with capacity to roll out 1,500 electric buses a year, the resources will also be used to develop a battery-manufacturing unit to keep vehicle prices competitive.

“We will have total installed capacity to roll out 2,100 electric buses across our two facilities in Telangana and Karnataka by the end of the year,” said N K Rawal, managing director at Goldstone Infratech. “We have also firmed up plans to package cells to increase localization content in our vehicles,” he said.

Besides, serving the requirements in the domestic market, Goldstone would also start exporting buses under the BYD brand to neighboring countries.

Localization content in electric buses sold by Goldstone-BYD currently stand at around 35%. Efforts are on to increase this to over 60% in the next 18 months. The company has started identifying vendors and developing a local supplier base to keep vehicle prices competitive.

Rawal said the potential to sell electric buses in India is huge. “As many as 1,00,000 buses are sold in India every year. Even 5% of this converts to electric, there is opportunity to do business worth Rs 10,000 crore over two years,” he said.

Goldstone has only recently bagged orders for delivering 290 electric buses to Bengaluru, Hyderabad and Mumbai. Of these, 160 are firm orders and will be delivered within the next six months.

Goldstone has also completed trials of its electrical buses in Delhi, Bengaluru, Hyderabad, Rajkot and Chandigarh.