Ajanta plans to buy an electric car

The makers of quartz clocks and home appliances, Ajanta is now planning to buy an electric car manufacturer China, as it plans to launch a sub-Rs 1 lakh car in the Indian market. The deal is likely to be come into action within this year, as valuations are currently low.

Ajanta Group director Jaysukh Patel refused to comment on his acquisition plans and said, We have not yet decided on it, but are seeking the government support, so that we can develop cheaper vehicles for the Indian market.

The acquisition will help the company in creating and establishing a new market for electric cars in India. Jaysukh Patel, along with his father and uncle Manubhai Patel had launched Ajanta clocks in the early 1980s.

Stunning the market with sub-Rs 100 clocks, Patel has already designed a prototype of the vehicle and is personally driving it around on his 400-acre manufacturing facility near Morbi, near Rajkot. Jaysukh Patel said, We have designed more than 10 battery-powered cars of four-seater and six-seater capacity and are testing them now. Mitsubishi Lancer Evolution X and Volkswagen Beetle will create in India soon.