Singapore entrepreneur Bhupendra Kumar Modi on Friday (March 04) announced his entry into India's electric vehicle market under his startup Smart Dreams.
The startup will receive technical and manufacturing assistance from BYD Company Ltd, a China-based leading electric vehicle maker.
Modi said he is talks with state transport corporations, including Delhi Transport Corporation, for an opportunity to introduce his electric buses on a large scale.
"The Delhi government is using our buses on a trial period for three months. Once their feedback and green signal is received, we will start delivering our vehicles to them," he said.
Modi did not disclose the price of the bus, but said it will be same as BYD’s other buses.
BYD will provide Modi's company its experience and technical know-how. Fifty per cent of the material will be locally sourced.
The bus uses lithium iron phosphate battery, which will take five hours to fully charge. Once charged, the vehicle will be able to run for 250 km.
The electric vehicle market is in a nascent stage in India, but the government is keen to support this auto segment to fight air pollution.
"There is a huge opportunity for electric buses in India. If the government gives the right kind of push then the venture will become successful in the next 10 years," Modi said.
He demanded a zero emission zero taxation policy from the government to promote clean transportation.
The company has established a manufacturing facility in Moradabad. Modi said the plant's production capacity would vary as per the demand.
"As of now our focus is smart cities and metros. If we see there is good demand for our buses across the country, we will come out with new production facilities," Modi said.
Modi also holds a big stake a Saket City Hospital, which was recently acquired by Max Group.
BW Reporters
The author is Senior Correspondent with BW Businessworld
