Qatar conglomerate backs Indian EV firm Kabira MobilityCredit: 123RF.comA Qatar-based conglomerate with a diverse portfolio across several industry verticals, including renewable energy, construction, oil and gas and manufacturing, has backed a homegrown electric two-wheeler startup with $50 million (around Rs 410 crore) investment, marking its first bet in a private company. Kabira Mobility and the Al-Abdulla Group, as announced last month, will use Rs 300 crore to set up a manufacturing facility in Uttar Pradesh’s Jewar to cater to the North India market. Our investment in Kabira Mobility is aligned with Al-Abdulla group's vision of investing in the renewable energy sector and supporting sustainable mobility solutions on a global scale,” said Manoj George, chief executive officer of Al-Abdulla Group. The group’s investment in Kabira Mobility underlines the group’s rising interest towards the EV segment. Kabira Mobility currently retails two electric bikes, KM3000 and KM4000 via its 30-store network.

Source: The North Africa Journal March 17, 2023 10:35 UTC