Godawari Electric Motors lines up Rs 100 crore over next 3 years for business expansion

Godawari Electric Motors on Tuesday said it plans to invest Rs 100 crore over the next three years to develop new electric products and bolster its sales infrastructure across the country.

The Raipur-based firm on Tuesday forayed into the electric two-wheeler segment with the launch of Eblu Feo tagged at Rs 99,999 lakh.

"We have invested around Rs 100 crore on the business so far. Over the next three years we plan to invest another Rs 100 crore on new product development, enhancing quality and expansion of sales infrastructure, " Godawari Electric Motors CEO Hyder Khan told PTI. He noted that with the launch of the Eblu Feo, the company now also plans to ramp up its sales network across the country.

"Wth the new product on the road, we will go all out now and will have 50 dealers by September-end. By the end of this fiscal we aim to have 100 dealers," Khan said. Godawari Electric Motors can produce around 4,000 e-scooter units per month at its Raipur plant, he noted.

By the end of this fiscal, the company aims to sell around a total of 12,000-15,000 units, Khan said. The company plans to introduce another e-scooter in the next six months, he noted.

Commenting on the Eblu Feo, he stated that the e-scooter comes with a driving range of 110 kms on a single charge and is designed in a way that it suits the requirements of all the family members in a household.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.