C K Birla-owned Hindustan Motors Ltd and its European partner have completed due diligence for the proposed electric two-wheeler project, a senior official said on Thursday.
The joint venture is likely to launch the electric vehicles in the next financial year at Hindustan Motors’ Uttarpara plant in West Bengal.
“The due diligence between HM and the European company is now complete. The name of the foreign partner will be announced shortly,” the official of the Indian company told PTI.
The combined investment for the EV project will initially be around Rs 600 crore, following which the two companies would explore the possibility of entering the electric four-wheeler space.