SAR set for auto foray
SAR group is foraying into the fast-growing automobile market with their own range of e-bikes, reports Sanjeev Sinha.autos Updated: Jan 08, 2008 20:28 IST
Having gained a firm foothold in the packaged energy and power products market, the Rs 415-crore SAR group – known for their Luminous brand – is foraying into the fast-growing automobile market with their own range of e-bikes. A new venture has been floated under the name of Lectrix Motors to manufacture and market the bikes, and a Rs 200-crore plant is being set up in Himachal Pradesh.
"Initially we would be putting in Rs 30 crore in the plant and the rest of the funding will be done over the next three years," said Rakesh Malhotra, founder & CEO of the SAR group.
The e-bikes, initially being launched in two models (in six variants) and priced between Rs 28,000 and Rs 29,500, will be on display at Auto Expo ’08.