Mumbai: Faridabad-based electric vehicle maker, a part of the Anglian Omega Group, Omega Seiki Mobility ( OSM ) has signed a joint venture pact with the Egyptian e-commerce last-mile delivery firm Rabbit Express to tap the African market. Under the JV, in which OSM will hold up to 26 per cent stake and Rabbit Express the remaining stake, the latter will initially export its two and three-wheelers to the African market and later the two partners will set up a manufacturing facility in capital city Cairo, OSM founder and Chairman Uday Narang said. Besides, OSM will also lend technological support to its Egyptian partner, he said. The JV will see an investment of USD 10 million to begin with, and once the manufacturing facility comes into being it is expected to be scaled up to USD 50 million, Hani Mohammed Moshref, Chief Executive Officer, Rabbit Express said. Rabbit Express, which is 40 per cent owned by Ibnsina Pharmacy, has a fleet of 5,000 vehicles serving several e-commerce clients in Egypt. A USD 2-billion market cap company, Ibnsina serves more than 35,000 customers with more than 375,000 orders per month through its warehouses, distribution and logistics fleets. It’s a full service… Read full this story
- Auto Industry Lauds Gujarat's New Electric Vehicle Policy, Terms it Progressive and Much Needed
- LaToya Ruby Frazier, American Witness
- "The talent is there" – Women and film in Africa
- How Samsung's C-Lab Aims to Incubate Innovation Inside and Outside the Company
- VIETNAM BUSINESS NEWS JULY 1
- Telefonica (TEF) Q4 2020 Earnings Call Transcript
- The Billionaire Yogi Behind Modi’s Rise
- VIETNAM NEWS HEADLINES JUNE 20
- Best Credit Card Processing Companies: Top 5 Payment Processors of 2021
- TikTok left its Black creators behind. Now they're going on strike
Omega Seiki Mobility forms JV with Rabbit Express to tap African market have 272 words, post on auto.economictimes.indiatimes.com at March 27, 2022. This is cached page on Vietnam Art News. If you want remove this page, please contact us.