NIIF's India-Japan Fund invests Rs 500 cr in EKA Mobility

India-Japan Fund, a fund managed by National Investment and Infrastructure Fund, has announced Rs 500 crore (USD 57 million) investment in EKA Mobility, an electric vehicle manufacturer focusing on commercial vehicles.

The collaboration between NIIF and EKA Mobility aligns with the Government of India's stated objectives on electrification of public transport and promotion of domestic manufacturing under the Make-in-India and Atmanirbhar Bharat initiatives, a release said.

The capital infusion from India-Japan Fund (IJF) is expected to support EKA Mobility's plans to increase its manufacturing capacity, advance research and development initiatives, improve its supply chain infrastructure, and enhance its marketing efforts aimed at domestic and international markets, it said.

''Together with our partner NIIF, JBIC group - including our subsidiary JBIC IG Partners, which is supporting NIIF in promoting Japanese investments in India through the IJF initiative - will continue to contribute to deepening the bilateral relationship between India and Japan,'' said Makoto Uchida, Senior Managing Director at Japan Bank for International Cooperation (JBIC) and Executive Director at JBIC IG Partners.

Sudhir Mehta, Founder and Chairman of EKA Mobility, added that NIIF's support reinforces our shared vision of creating sustainable, inclusive, and future-ready transportation solutions.

The company's portfolio of zero-emission vehicles spans electric buses (7m, 9m, and 12m variants), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T) and small commercial vehicles in the 1.5T, 2.5T, and 3.5T categories.

The company has confirmed orders for over 3,300 electric buses as part of state government procurements, municipal corporation contracts, and private commercial fleets, the release said.

Krishna Kumar, Partner and Fund Head-IJF, said IJF is supporting enterprises that are shaping India's journey to a low-carbon economy, and is also committed to promoting India-Japan business partnerships.

NIIF is India's sovereign-anchored alternative asset manager, catalysing global capital to invest in sectors and asset classes that play an important role in the country's growth journey.

Anchored by the Indian government in partnership with leading global investors, NIIF manages USD 4.9 billion in equity capital commitments across four strategies — Infrastructure, Private Markets, Growth Equity, and Climate Investments.

India-Japan Fund is NIIF's first bilateral fund with a corpus of Rs 4,900 crore, with the Indian government contributing 49 per cent and the remaining 51 per cent contributed by the Japan Bank for International Cooperation (JBIC).

EKA (Pinnacle Mobility Solutions), with Mitsui & Co (Japan) and VDL Groep (Netherlands) as equity partners, is an automotive and technology company creating a new global CV electric mobility paradigm.