Pinnacle-VDL JV to Invest 2000 Cr in Electric Buses and E-Mini Trucks
Pinnacle Mobility Solutions, a unit of Pune based Pinnacle industries, has entered into a 74:26 partnership with Europe’s VDL Groep to invest Rs. 2,000 crore for setting up a JV that will manufacture electric buses and e-mini trucks for last mile mobility.
The company stated that a 5,000 unit bus manufacturing unit will be set up in Pithampur, Madhya Pradesh. Another 15,000 unit capacity facility will be set up in Pune, Maharashtra for the manufacture of e-mini vehicles. The company plans to employ approximately 1,000 people at these two plants collectively. The JV will make 9-12 metre electric buses and 1-2 tonne mini-trucks in the coming two years.