Electric three-wheeler OEM Keto Motors is set to go public through a reverse merger with listed entity Taza International, while bringing in Taiwan-based Tron Energy Technology as a strategic investor and technology partner.
Electric three-wheeler OEM Keto Motors is preparing to go public through a reverse merger with listed entity Taza International, even as it brings in Taiwan’s Tron Energy Technology as a strategic investor and technology partner to enter India’s supply-constrained electric bus segment.
Tron Energy, one of Taiwan’s largest electric bus OEMs, will acquire around a 10 per cent stake in Keto Motors, valuing the company at an estimated ₹350–500 crore, according to company officials. The partnership will provide Keto access to proven electric bus platforms, drivetrain architectures and battery systems, areas that have slowed deliveries across India’s electric bus industry.
“Tron is coming in as a strategic partner, not just a vendor,” Venkatesh Challa, Director of Keto Motors, told BusinessLine in an exclusive interaction. “The goal is to localise powertrain and battery capability so we aren’t constrained by technology dependencies as we scale.”
Keto’s merger with Keto Motors Private Limited will be executed at a swap ratio of three Taza shares for every two Keto shares, resulting in the issuance of 5.6 crore new shares. The company expects trading to commence within the next two months, giving it access to public capital markets to fund expansion.
The listing comes at a time when capital-intensive EV manufacturers are exploring alternative routes to market amid tight private funding conditions.
₹300-crore bus plant in Telangana
To support its electric bus ambitions, Keto has signed a memorandum of understanding with the Telangana government to set up a ₹300 crore manufacturing facility in Jadcherla, expected to generate over 2,000 jobs.
The plant will initially produce 9-metre electric buses for city and intercity operations. Total investment, including working capital and phased capacity expansion, could eventually rise to ₹1,000–2,000 crore, Challa said.
Keto has already raised around ₹50 crore from strategic investors, including Tron and is in discussions to secure an additional ₹150 crore to support its manufacturing push.
Addressing a structural supply gap
Challa said India’s electric bus market is currently supply-constrained, with major manufacturers largely committed to state transport undertakings under government-backed gross cost contracts.
“India needs at least ten times the current production capacity,” he said. “Most major manufacturers are fully booked, leaving private operators unable to secure timely deliveries.”
Keto itself encountered those constraints while planning electric bus deployments in partnership with global intercity operator FlixBus, highlighting what Challa described as a structural supply gap in the sector.
By integrating Tron’s technology directly into its ownership structure, Keto aims to avoid reliance on external suppliers and accelerate localisation.
Challa brings prior experience in scaling electric bus manufacturing in India, having played a role in bringing Chinese EV major BYD into the country through Olectra Greentech over a decade ago. He said Keto’s strategy similarly combines established international technology with domestic manufacturing to speed up deployment.
Currently focused on electric three-wheelers and mobility services, Keto is positioning itself to evolve into a broader electric commercial vehicle manufacturer, anchored by bus production and public market access.
Published on March 2, 2026