Ultra Motor, a leading electric cycle and electric scooter manufacturer, has plans to invest Rs 150 crore in India over the next three years to expand operations and launch new products, including five new e-scooters this fiscal and an electronic bike in two years.

Apart from this, the company has also slashed the price of its electric scooters by 24% in Delhi following tax benefits offered by the state government for environment friendly electronic vehicles.

According to sources, the investment would be mainly for meeting the company's marketing needs, besides product development and eventually setting up its own manufacturing unit.

The company would rolls out five new e-scooters during the current financial year -- three in low speed and two in high speed categories.

The company, which currently offers two products in the Indian market through its 100% subsidiary, is eyeing US$ 20 million turnover within this fiscal.

With the latest price reduction of over Rs 9,400, the company is expecting the sales from Delhi to increase by about 50%.