Plug n Ride Motors Pvt Ltd and UTEGI Technical Enterprises have established a pioneering joint venture aimed at transforming the automotive sector in East Africa.
Plug n Ride Motors Pvt Ltd, a leading provider of electric vehicle solutions based in India, and UTEGI Technical Enterprises (INTL) Limited, headquartered in Tanzania, have officially solidified a groundbreaking joint venture agreement to establish Plug and Ride (EA) Company Limited. This significant collaboration is set to revolutionize the automotive landscape in East Africa.
Under the terms of this agreement, Plug and Ride (EA) Company Limited will spearhead the assembly of electric vehicles in Dar es Salaam, Tanzania, representing a substantial investment of USD 7 million. By capitalizing on UTEGI’s local expertise and Shakti Green Energy’s innovative energy solutions, the joint venture aims to introduce sustainable transportation alternatives while fostering economic growth in the region.
Zafar Equbal, CEO of Plug n Ride Motors, expressed his enthusiasm, stating, “We are thrilled to embark on this transformative journey with our esteemed partners at UTEGI. Our joint venture underscores a shared commitment to advancing clean mobility solutions and driving socio-economic progress in Tanzania. Together, we aim to set new standards for innovation and sustainability in the automotive sector.”
Pradeep Chauhan, Managing Director of Shakti Greens, echoed this sentiment, saying, “This collaboration highlights our unwavering dedication to environmental stewardship and technological excellence. By harnessing the potential of electric vehicles, we can reduce carbon emissions and pave the way for a greener, more sustainable future.”
Special recognition was given to Ms. Rekha Sharma, Founder of MARS, whose invaluable guidance and support were instrumental in bringing this partnership to fruition, added Zafar Equbal, CEO of Plug n Ride Motors.
The equity distribution in the joint venture assigns 60% ownership to the foreign joint venture partner, UTEGI Technical Enterprises (INTL) Limited, and 40% to the local joint venture partner, Plug n Ride Pvt Ltd. Operations are slated to commence within six months, with an initial focus on assembling Complete Knocked Down (CKD) parts of PnR vehicles 3W (L3 & L5 category) and electric-powered E cycles & two-wheeled motorcycles.
Otieno Igogo, Chairman of UTEGI Technical Enterprises (INTL) Limited, emphasized, “This initiative is a testament to the enduring partnership between Tanzania and India, reflecting our shared vision of fostering bilateral cooperation and mutual prosperity.”
Gilead Teri, Executive Director of the Tanzania Investment Centre (TIC), hailed the collaboration as a landmark achievement, remarking, “The establishment of Plug and Ride (EA) Company Limited represents a significant milestone in Tanzania’s journey towards sustainable industrialization. We extend our heartfelt gratitude to President Samia Suluhu Hassan for her instrumental role in facilitating this groundbreaking initiative.”
Teri further emphasized the crucial role of joint investments in Tanzania’s economic development, citing recent statistics from the Tanzania Investment Centre. He underscored President Hassan’s visit to India as a catalyst for forging strategic partnerships and fostering cross-border collaboration.
As Tanzania prepares to inaugurate its inaugural electric vehicle assembly plant, stakeholders remain optimistic about the transformative impact of this venture on the country’s automotive sector and broader economy.
For further details, please visit: [Tanzania Invest] https://www.tanzaniainvest.com/industry/indian-joint-venture-electric-vehicle-assembly
Website: Plug n Ride Motors: https://www.plugnridemotors.com/
