New Delhi, Nov 9 (IANS): MT Autocraft, a leading supplier of machined components and assemblies, on Wednesday announced the launch of electric mobility company MTA E-Mobility Pvt Ltd (MTA EV) with a seed funding of Rs 100 crore.

The electric mobility startup, which plans to hire 200 more people, has built a dedicated plant spread over three acres at Palwal in the national capital region.

The company said that it aims to become a complete electric mobility solutions provider.

"We have planned an initial investment of Rs 100 crore which will be funded by MT Autocraft, Sehgal family and a few high net worth individuals (HNIs)," said Karan Sehgal, Co-founder of MTA EV.

Vivek Jakhmola, an industry veteran and former president at JBM Group has joined as co-founder of the newly-formed MTA EV.

Jakhmola was also director at multiple companies in Lumax Group and brings along over 25 years of experience.

The company plans to hire another 200 people in the next 12 months.

"We aim to create a sustainable organisation with a sharp focus on technology through self-reliance and intra-dependence on our foreign collaboration partners. We are already a 50-plus strong team in R&D and market research. The team size will increase to 200 plus in the next 12 months," said Jakhmola..

The company is set to showcase its products and technology at the upcoming 'Auto Expo 2023'.

MTA EV plant has in-house facilities for assembly, end-of-line vehicle inspection, production monitoring, paint shop, chassis fabrication and surface coating among others, it said.