Plug n Ride Pvt Ltd
Plug n Ride Motors Pvt Ltd, an Indian provider of electric vehicle solutions, and UTEGI Technical Enterprises (INTL) Limited, based in Tanzania, have oï¬Âcially sealed a groundbreaking joint venture agreement to establish Plug and Ride (EA) Company Limited. This signiï¬Âcant collaboration is poised to reshape the automotive landscape in East Africa.
Under this accord, Plug and Ride (EA) Company Limited will take the lead in assembling electric vehicles in Dar es Salaam, Tanzania, representing a substantial investment of USD 7 million. Leveraging UTEGI's local expertise and Shakti Green Energy's innovative energy solutions, the joint venture aims to introduce sustainable transportation alternatives while nurturing economic growth in the region.
Zafar Equbal, CEO of Plug n Ride, expressed enthusiasm, stating, "We are excited to embark on this transformative journey with our esteemed partners at UTEGI. Our joint venture underscores a shared commitment to advancing clean mobility solutions and driving socio-economic progress in Tanzania. Together, we aspire to establish new benchmarks for innovation and sustainability in the automotive sector."
Pradeep Chauhan, Managing Director of Shakti Greens, echoed this sentiment, saying, "This collaboration underscores our steadfast dedication to environmental stewardship and technological excellence. By harnessing the potential of electric vehicles, we can mitigate carbon emissions and pave the way for a greener, more sustainable future." Special thanks to Ms. Rekha Sharma, Founder of MARS, whose invaluable guidance and support were instrumental in bringing this partnership to fruition. added Zafar Equbal, CEO of Plug n Ride Motors.
The equity distribution in the joint venture allocates 60% ownership to the foreign joint venture partner, UTEGI Technical Enterprises (INTL) Limited, and 40% to the local joint venture partner, Plug n Ride Pvt Ltd. Operations are scheduled to commence within six months, with an initial focus on assembling Complete Knocked Down (CKD) parts of PnR vehicles 3W (L3 & L5 category) and electric-powered E cycles & two-wheeled motorcycles.
Otieno Igogo, Chairman of UTEGI Technical Enterprises (INTL) Limited, emphasized, "This initiative is a testament to the enduring partnership between Tanzania and India, reï¬Âecting our shared vision of fostering bilateral cooperation and mutual prosperity."
Gilead Teri, Executive Director of the Tanzania Investment Centre (TIC), hailed the collaboration as a landmark achievement, remarking, "The establishment of Plug and Ride (EA) Company Limited represents a signiï¬Âcant milestone in Tanzania's journey towards sustainable industrialization. We extend our heartfelt gratitude to President Samia Suluhu Hassan for her instrumental role in facilitating this groundbreaking initiative."
Teri further emphasized the crucial role of joint investments in Tanzania's economic development, citing recent statistics from the Tanzania Investment Centre. He underscored President Hassan's visit to India as a catalyst for forging strategic partnerships and fostering cross-border collaboration.
As Tanzania prepares to inaugurate its inaugural electric vehicle assembly plant, stakeholders remain optimistic about the transformative impact of this venture on the country's automotive sector and broader economy.
To know more, check the link below:: https://www.tanzaniainvest.com/industry/indian-joint-venture-electric-vehicle-assembly
Website: https://www.plugnridemotors.com/
About Plug n Ride:
Plug N Ride Motors Pvt. Ltd. is focused on making their clients successful through innovative business solutions:
Plug N Ride Motors Pvt. Ltd. is a group of highly specialized individuals with a common objective to provide professional services under various verticals and domains in the automotive industry and technological advancement for longer sustainability.
