Keto Motors to Go Public via Taza Reverse Merger

Electric vehicle manufacturer Keto Motors is preparing to go public through a reverse merger with listed company Taza International. Taiwan-based Tron Energy Technology is joining as a strategic investor and technology partner to support Keto’s entry into India’s electric bus market.

The move aims to expand manufacturing capacity, accelerate electric bus deployment, and address supply constraints in India’s EV sector.

Tron Energy Invests in Keto Motors

Tron Energy will acquire around a 10 percent stake in Keto Motors, valuing the company between ₹350 and ₹500 crore.

The partnership gives Keto access to electric bus platforms, drivetrain designs, and battery systems. Venkatesh Challa, Director of Keto Motors, stated that integrating Tron’s technology will help localize production, reduce dependency on suppliers, and speed up deliveries.

Keto’s merger with Taza International will follow a swap ratio of three Taza shares for every two Keto shares, issuing 5.6 crore new shares. Trading is expected to begin within two months, providing public capital for expansion.

New ₹300-Crore Bus Manufacturing Facility

Keto has signed an agreement with the Telangana government to establish a ₹300 crore manufacturing plant in Jadcherla.

The facility will produce 9-metre electric buses for city and intercity operations and is expected to create more than 2,000 jobs. With phased expansion, total investment could reach ₹1,000 to ₹2,000 crore. Keto has already secured ₹50 crore from strategic investors and is negotiating an additional ₹150 crore.

Addressing India’s Electric Bus Supply Gap

India’s electric bus market is currently supply-constrained, with most manufacturers committed to government contracts. Keto experienced these constraints during a partnership with FlixBus, highlighting a structural supply gap.

By bringing Tron’s technology into its ownership structure, Keto aims to accelerate production, reduce reliance on external suppliers, and improve localization. The company plans to scale beyond electric three-wheelers into a broader commercial vehicle manufacturing business.

Future Growth and Market Strategy

Keto combines international technology expertise with domestic manufacturing to speed up deployment of electric buses. Challa, who previously helped introduce BYD into India through Olectra Greentech, is leading the expansion.

With Taza International listing and Tron Energy’s strategic partnership, Keto Motors is positioned to strengthen India’s electric bus ecosystem, generate employment, and support the country’s transition to sustainable urban mobility.