Omega Seiki to set up manufacturing facility in Bangladesh for M1KA brand of e-trucks
Omega Seiki Mobility already has a production plant for its cargo and passenger three-wheelers in Bangladesh, which will start production from April.
Indian electric vehicle manufacturer Omega Seiki Mobility (OSM) will set up a manufacturing facility in Bangladesh for its M1KA brand of e-trucks besides their distribution in a joint venture with Brandwin Group, at an investment of $10 million.
OSM to Establish Facility in Bangladesh for CKD Kits Assembly of M1KA Trucks, Starting 2024. According to a statement by OSM on Tuesday (21 February), the proposed facility in Bangladesh will initially focus on assembling completely knocked down (CKD) kits of M1KA trucks, ranging from 1-3 tonne capacity trucks, to cater to the domestic market as well as exports requirements. The facility is expected to be functional by 2024.
OSM, which already has a production plant in Bangladesh for its cargo and passenger three-wheelers, is set to begin production from April. The company believes that with Bangladesh’s dynamic economy and significant potential in the electric truck market, it presents an ideal opportunity to strengthen its position in the region.
“The two companies will be making an investment of $ 10 million for manufacturing and distribution of M1KA. OSM anticipates an initial sales volume of 500 electric trucks per year,” it added.
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Brandwin, one of the leading diversified business groups in Bangladesh spanning sectors including infrastructure, real estate, FMCG and trade, among others, will have exclusive access to a complete range of M1KA trucks from OSM announced by the latter.
“With proper marketing strategies we believe, we can secure a large portion of the market share within the shortest possible time in Bangladesh (with this JV partnership),” said Brandwin Group Managing Director and Chief Executive Officer Ali Haider Ratan.
