PMI Electro Mobility Solutions CEO Aanchal Jain said that the company wants to raise approximately Rs 250 crore to partially fund the doubling of production capacity and meet working capital requirements.

The company, which is establishing a new production site in Pune, could invest up to Rs 150 crore in the development.

PMI Electro Mobility Solutions (PMI) currently has an annual manufacturing capacity of 1,500 units, which can be increased to 2,500 to 3,000 units on multiple shifts, at its plant at Dharuhera in Haryana.

"We have another construction going on at Pune, which will add another 3,000 units capacity (annually) to us," Jain said.

Aanchal said the Pune plant is a joint venture with BeiqiFoton Motors of China, with which PMI has a technical tie-up.