- Companies to Invest $10 Million for Manufacturing and Distribution of M1KA
New Delhi, 21st Feb., 2023: Omega Seiki Mobility (OSM) continues to advance the company’s internationalisation and is further amplifying its presence in the Bangladesh market, OSM and Brandwin group signs a Memorandum of Understanding. Brandwin will be setting up manufacturing and distributing its range of electric trucks including 1 ton and 3 ton models of M1KA in the country as early as 2024. The production line is currently under construction. Initially the company will be selling CKD (Completely Knocked Down) kits of the M1KA in Bangladesh. With its dynamically growing economy and significant potential on the electric truck market, the country presents the ideal conditions to further strengthen OSM’s position in the region, the companies will be making an investment of $10 Million. OSM anticipates an initial sales volume of 500 electric Trucks per year.
Omega Seiki Mobility has already set up an electric vehicle manufacturing facility near Dhaka in Bangladesh. The state of the art manufacturing will be operational from April 2023 and will be manufacturing electric three wheelers for domestic and export markets. Right now, Omega Seiki Mobility has four manufacturing plants in India, located at Faridabad and Pune.
Strongly growing economy, highly dynamic automotive market and Comprehensive Economic Partnership Agreement incentivise engagement
Diversifying Electric Vehicle Business in Bangladesh is also worthwhile due to the particularly dynamic growth of the region’s electric vehicle; Bangladesh lies in a geographically dangerous zone with temperature rise and being one of the prime victims of climate change. The government’s concerns regarding the climate issue coupled with our expanding economy seem to create a demand for an efficient and safe transportation system. This association will enable Omega Seiki Mobility to meet the evolving needs of a customer base which is rapidly looking for a sustainable and a zero emission last-mile transportation solution in the growing Bangladesh market. Omega Seiki Mobility will be offering an entire range of electric 4 wheeler- M1KA Trucks exclusively to Brandwin.
Commenting on the partnership, Mr. Uday Narang, Founder and Chairman, Omega Seiki Mobility said, “Omega Seiki Mobility, amplifying its Electric vehicle business in the Bangladesh market is the next logical step in our internationalization strategy. Our High Tech Electric Trucks offer exactly the current needs of the Country, and we will be able to play to our strengths in this highly dynamic market. In addition, the geographical proximity to India provides great synergy effects; as early as 2024, we will be exporting vehicle kits from our Indian plant in Faridabad to Bangladesh, marking a major advancement of our EV MANUFACTURING 2.0 project. The alliance will allow us to expand our partnership to help businesses enhance their profitability who are trying to learn to switch to sustainable last-mile transportation in Bangladesh. This is also a major step in OSM’s attempt to take Indian manufacturing to the global map.”
Mr. Ali Haider Ratan, Managing Director & CEO, Brandwin Group of companies said, “Bangladesh is one of the growing economies of this South Asian region. Its economy is growing at an average 6% percent per year. The country has now become the second largest economy among the SARC and exports reached 50 billion dollars. Although the automobile industry of Bangladesh is more developed than before, so far it has not achieved the expected success. Along with the growing GDP of Bangladesh, people’s buying power is increasing gradually. Similarly, people’s lifestyles are changing as well. So, the usage of Electric Vehicles will rise for sure. One of the major advantages of the Electric Truck of Omega Seiki Mobility is the quality of the product and its technology. By maintaining high quality and with proper marketing strategies we believe, we can secure a large portion of the market share within the shortest possible time in Bangladesh. It’s a great honor for Brandwin Group to be the local manufacturing partner of Omega Seiki Mobility in Bangladesh.”
Omega Seiki Mobility has been growing its product line up and manufacturing footprint rapidly in India. The company is the first OEM to have 2,3 and 4 wheelers in its product portfolio. The company has set up large scale manufacturing facilities in Delhi NCR, Pune and now looking to expand in Chennai. The company is a leading last mile service provider with under its brand “UNOXpress”. The company is currently running its fleet in 20 cities, registering over 10 lac km a month.
Brandwin Group is one of the largest Business conglomerates in Bangladesh, well known for its diversity of business innovations and having a manufacturing plant and office in Dhaka, Bangladesh. The company has different associated companies, involved in Infrastructural Development, Real Estate Development, Trade and Commerce, Consumer Products Distribution, Services, Production and Marketing of various FMCG items etc.
Omega Seiki Mobility believes in creating sustainable mobility solutions with an integrated approach of connecting Automobiles and the Society. The brand’s focus is to eventually create a clean ecosystem with eco-friendly, safe and congestion free mobility. OSM is one of India’s leading clean energy incubators and has become synonymous with India’s sustainability success. The electric vehicle manufacturing company aims to fast-track future mobility, with green energy at its core, by implementing data-driven, smart engineering.
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