The India-Japan Fund, managed by NIIF, announced a INR 500 crore (US$ 57 million) investment in EKA Mobility, an electric commercial vehicle manufacturer in India, to support its growth and India’s sustainable transportation goals.

This investment aims to help EKA Mobility expand manufacturing capacity, enhance R&D, improve supply chain infrastructure, and boost marketing efforts for both domestic and international markets.

EKA Mobility's founder and chairman, Dr. Sudhir Mehta, stated that the investment is timely for expanding operations, R&D, and promoting electric mobility across India.

EKA Mobility has raised approximately Rs 1,050 crore from shareholders including VDL Groep, Mitsui Corporation, and ENAM Holdings, and qualifies for government subsidies under the production-linked incentive scheme.

The collaboration aligns with Indian government initiatives like Make-in-India and Atmanirbhar Bharat, which promote electrification of public transport and domestic manufacturing.

This move supports government policies aimed at accelerating electric mobility adoption and fostering local manufacturing in India.

The funds will be used to expand manufacturing, enhance supply chain infrastructure, and support markets, with a new plant expected to be operational in the first quarter of the next fiscal year.

JBIC’s Makoto Uchida welcomed the partnership, emphasizing its role in environmental preservation and strengthening bilateral relations between India and Japan through investments.

The India-Japan Fund’s investment aligns with its goal to invest in climate-related sectors and to accelerate development along the India-Japan economic corridor.

EKA Mobility, a subsidiary of Pinnacle Industries, specializes in electric buses, trucks, and other commercial vehicles, with current orders exceeding 3,300 electric buses from government and private entities.

The company’s key shareholders include VDL Groep, Mitsui & Co., and ENAM Holdings, leveraging local R&D and engineering capabilities to develop its broad range of electric commercial vehicles.