Omega Seiki will invest nearly $14m for manufacturing plant near Dhaka
Indian electric vehicle maker Omega Seiki has announced plans to set up a plant in Bangladesh.
The set up would be known as OSM-Bangladesh, the company, which is a part of the Anglian Omega Group, said in a statement on Thursday, reports PTI.
Omega Seiki, which now has two plants at Faridabad and Manesar in the state of Haryana, said it would invest 100 crore rupees (apprx. $13.78 million) in a factory near Dhaka, according to the report.
"We trust that our vehicles will cater to an impressive response in the neighbouring country. Bangladesh at present does not have an EV [electric vehicle] policy but it may change fast," PTI quoted Omega Seiki Mobility Chairman Uday Narang saying.
The vehicles manufactured in Bangladesh will be sold under the OSM brand through local partners and franchises, it said.
"With electrification happening fast in automotive markets globally, we see it is time for the Bangladesh market to change as well. The transition in 2 and 3 wheelers will be fast as they contribute to the pollution and traffic chaos," the PTI report quoted Omega Seiki Managing Director Deb Mukherji.
The company’s vehicles will be powered by Li-ion batteries and with powertrains which would be built in Bangladesh, with technology transfer from India, he added.
"In due course, we are looking at full localization in Bangladesh. We would also be looking to export from Bangladesh to global locations e.g. ASEAN, Africa, etc. Bangladesh has a zero-tax policy for exports to 39 countries. This includes India as well and we are looking at selling in the northeast from there," Mukherji said.