Electric car maker Triton EV is in the process of buying the debt-laden AMW Motors factory in Bhuj for Rs 210 crore, sources say.
Sources have confirmed that on the occasion of Auto Expo 2023 that the National Corporate Law Court in Ahmedabad had approved a liquidation plan presented by Triton Electric Vehicle LLC last month.
“Triton Electric Vehicle LLC has emerged as the winning bidder of Plant & Machinery, Land & Building etc. from AMW Motors worth Rs 210 crore. has been approved by,” said the source.
Triton EV founder and CEO Himanshu Patel confirmed the development when contacted.
“We are working to complete the regulatory process and permits. After all permits are obtained, we will try to get the facility operational at the earliest opportunity,” Patel said. , EV buses, EV trucks, EV cars and hydrogen buses will also be produced at this facility.
In October, Triton Electric Vehicle made a letter of intent to public sector defense agency He Bharat Electronics to procure battery packs for a trailer truck project in India for an estimated Rs 806 crore.
Patel has previously said the company is developing an EV ecosystem in India through a consortium pledging an investment of INR 10,000 in India over four years, to which Triton EV will contribute INR 1,100 crore. .