MT Autocraft forays into e-mobility, launches MTA EV with a seed funding of INR 100 Crores

Parwanoo (Himachal Pradesh) based MT Autocraft a supplier of machined components and assemblies, announced the launch of electric mobility company MTA E-Mobility Pvt Ltd (MTA EV) with an investment commitment of Rs 100 crore by MT Autocraft, Sehgal family and a few HNIs. Former president at JBM Group Vivek Jakhmola has joined hands with MT Autocraft as co-founder of MTA E-Mobility. 

The company has built a dedicated plant spread over three acres at Palwal in the national capital region. According to the company statement, the MTA EV plant has in-house facilities for assembly, end-of-line vehicle inspection, production monitoring, paint shop, chassis fabrication and surface coating, among others. MTA EV’s head office in Gurgaon houses R&D, Sales and Purchase functions along with Finance and HR. The company plans to showcase its products and technology at the upcoming Auto Expo 2023.

Speaking at the launch of the company, Karan Sehgal, Co-founder of MTA EV said, “This is the testimony of our commitment towards sustainability and Make in India initiative. MTA EV aims to lead the way towards sustainable, reliable, futuristic and smart solutions.”

Vivek Jakhmola, Co-founder, MTA EV, informed that the company plans to hire another 200 people in the next 12 months. “We aim to create a sustainable organization with a sharp focus on technology through self-reliance and intra-dependence on our foreign collaboration partners. We are already a 50-plus strong team in R&D and Market research. The team size will increase to 200 plus in the next 12 months. We will showcase our products and technology at the upcoming Auto Expo 2023 which is going to set a new dimension for electric mobility in the country,” he said.  

The electric mobility startup aims to become a complete electric mobility solutions provider. However, the initial focus will be on manufacturing electric vehicles and key electrical systems and enabling faster adoption of electric mobility.

MT Autocraft has an annual turnover of INR 500 crores. The group’s automotive business has an annual turnover of INR 310 crore. While non-automotive business Paras Hospital, Chandigarh, contributes INR 195 crore.