The latest decision to invest in an EV plant has been taken by Murugappa Group’s Tube Investments of India Limited which is about to invest Rs 38,105 crore.
Electric Scooter
Tamil Nadu has manufacturing units ranging from bicycles to battle tankers and rockets and now the state is all set to become a hub for Electric Vehicles (EVs) as well. The world’s largest electric two-wheeler plant is rapidly being built here in Krishnagiri district. It is being built by Ola Electric Mobility, which is spread over an area of 500 acres.
Recently, Ola CEO Bhavish Aggarwal tweeted about this Rs 2,354 crore project and said, “In just 4 months, the world’s largest two wheeler factory has been built on this barren and stone-filled land. Olafuture Factory Phase-1 is about to be ready. Scooters are coming soon. Team Ola Electric has done a great job.”
Ather Energy, backed by Hero MotoCorp, has already started rolling out electric two-wheelers from its plant in Hosur. The company has announced an additional investment of about Rs 635 crore over the next five years.
Ampere Vehicles to launch electric two-wheelers from Ranipet plant
Ampere Vehicles, a subsidiary of diversified engineering company Greaves Cotton Ltd., will launch electric two-wheelers from its Ranipet plant by the end of this year.
Nagesh A., Director, Ampere Vehicles Pvt Ltd and Group CEO and Managing Director, Greave Cotton. Basavanalli said, “Initially the production capacity will be around one lakh units per annum and it will be increased to one million units with time. Discussions are on to develop the vendor base for various components.”
Greaves Cotton has signed an MoU with the Tamil Nadu government to invest around Rs 700 crore over a period of 10 years to set up a plant with an annual capacity of one million units.
This group will invest Rs 38,105 crore
The latest decision to invest in an EV plant has been taken by Murugappa Group’s Tube Investments of India Limited which is about to invest Rs 38,105 crore. A senior company official, on condition of anonymity, told IANS, “We will set up our electric three-wheeler plant in Chennai, where we already have land. We have approached Tamil Nadu government for incentives based on EV policy.”
Chief Financial Officer K. Mahendra Kumar said Tube Investments will invest around Rs 200-250 crore in the current financial year and a major part of it will be for electric three-wheeler projects. Other potential investors in this segment are Ashok Leyland Limited which has decided to innovate in the Light Commercial Vehicle (LCV) segment.
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(IANS)
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