Lord’s Mark Industries Pvt Ltd, a Mumbai-based renewable energy products maker, is launching a joint venture with Kerala state-owned, Kerala Automobiles Ltd., to expand its electric vehicle business and foray into the EV infrastructure.

Lords Automative, is a subsidiary of Lord’s Mark Industriesto holding 74 percent stake in the joint venture company that will set up a manufacturing facility in Kannur with an annual capacity of 1.5 million electric vehicles, with Kerala Automobiles holding the rest 26 percent.

“The joint venture, KAL Lords Automative Vehicles Pvt Ltd, plans to produce electric bikes, three wheelers and also get into swappable battery stations and charging infrastructure,” says, Sachidanand Upadhyay, founder, Lord’s Mark Industries.

“Over the next two years, the JV Company will be investing Rs 200 crore in development of products and ecosystem. Initially we need about Rs 20-30 cror. As we scale the business up, the business would demand about Rs. 200 crore,” Upadhyay adds.

Reports suggest that, the manufacturing facility is expected to go on stream by the end of 2022. KAL Lords will roll out e-bikes, e-scooters, and e-three wheelers for both cargo and passenger segments in the coming few years. These products will range from low speed to high speed with a range of 80-130 km per charge.

The immediate focus is to cater to the rising need for EVs within Kerala and eventually expand pan India and then go overseas. It aims to cater to Eastern Europe and Africa export markets in the future. KAL Lords has the potential to produce and sell about 40,000-50,000 electric vehicles within two years, according to the reports.

“The company already has a network of 300 dealers across the country, which will be expanded to 150-200 outlets with the formation of the new JV. These bases will be used as a swapping station for its customers,” Upadhyay adds.