iM3NY Signs JV Agreement with Omega Seiki Mobility
Magnis Energy Technologies Limited announce that iM3NY has entered into a JV Agreement with OSM. The JV will manufacture and sell lithium-ion battery packs. Magnis is the major shareholder of iM3NY.
OSM and iM3NY Joint Venture
The JV company will manufacture and sell lithium-ion battery packs produced in India to be used in OSM’s two, three and four-wheeler electric vehicles with a geographical target covering India, UAE, Bahrain, Kuwait, Qatar and Saudi Arabia. The JV company will act as a stand-alone profit center and will take full responsibility for costs associated with carrying out its business activities.
JV Partner Roles
OSM will be responsible for the local operation along with all funding, sales and marketing, compliance and admin.
iM3NY will provide the technology and know-how required to develop and manufacture lithium-ion battery packs.
iM3NY is currently negotiating the supply of lithium-ion cells to OSM.
Shareholding and Governance
OSM will have 74% shareholding in the JV company while iM3NY will own 26%. The board composition will consist of two board seats for OSM and one seat for iM3NY.
