Ozotec Auto to secure Rs 1.5+ billion for growth

Ozotec Automobile has announced its plans to raise Rs 1.5 billion through equity in order to expand its business portfolio. According to them, in 2020, they had launched a two-wheeler EV called 'Filo' with a manufacturing capacity of 500 to 600 EVs per month. It has been revealed that Ozotec is in the process of establishing a separate manufacturing unit for their new EV model named 'Bheem'. This unit will have a capacity to produce 2,000 to 3,000 vehicles on a monthly basis. It is expected that the production of 'Bheem', which is a multi-purpose and all-terrain vehicle, will begin in three months, with deliveries starting four months from now. In order to meet their manufacturing demands, the company is actively seeking equity investment and joint ventures (JVs). They also anticipate a higher demand for the 'Bheem' model in rural areas. Ozotec Automobile is primarily engaged in the manufacturing of electric two-wheelers. Currently, they have 50 showrooms and service stations, and they have plans to increase this number to 150 within the next three months. Also read: Brookfield Infra JV to invest on data centre in Mumbai JSW Steel emerges 'preferred bidder' of mining lease