LML Electric plans to raise Rs500 crore, launch its first product in 2nd half of 2023

26 Sep 2022 , 06:58 AM

According to firm MD and CEO Yogesh Bhatia who talked to PTI, LML Electric intends to raise up to Rs500 crore to finance the establishment of its own manufacturing facility and commercial expansion. In the second half of 2023, the business plans to introduce its first product to the Indian market, which would see the electric reincarnation of one of the most well-known two-wheeler companies from years past, LML.

To launch its products first, LML Electric has already partnered with Saera Electric Auto Pvt Ltd, which purchased the Bawal, Haryana, production facility of American iconic motorcycle manufacturer Harley Davidson.

“Three new products that fall under various categories are what we intend to introduce. In the first half of 2023, we’ll release our first item–an electric bike (bicycle)–for the European and American markets. In the second half of 2023, we’ll release our second and third items for India and other markets “said Bhatia to PTI.

He stated that the third product would be an electric scooter while the second would be a “hyper bike,” a hybrid between an electric scooter and a motorcycle.

In order to distribute its products from Saera Electric Auto’s Bawal plant, the two parties have signed an MoU, according to Bhatia “In addition, we are looking into opening up a manufacturing facility of our own.

He noted that the Bawal manufacturing facility has a yearly capacity to produce 2.25 lakh units.

In terms of the sales network, Bhatia stated that the company intends to have a partner in each district of India during the following three to five years.

LML, established in Kanpur and one of the most well-known two-wheeler brands in the 1990s, came into financial difficulties and declared bankruptcy. In March 2018, the Allahabad Bench of the National Company Law Tribunal (NCLT) issued a liquidation order.

The LML brand and intellectual property were purchased from the former promoters Singhania family by the Bhatia-controlled SG Corporate Mobility, which sells electric two-wheelers and consumer electronics under its flagship Detel brand. This transaction took place last year.

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