NEW DELHI: Anil Ambani’s Reliance Infrastructure is soon planning to manufacture electric cars and batteries and has hired former BYD executive Sanjay Gopalakrishnan to strategize its plans, reports news agency Reuters citing sources.
Additionally, the company has also hired external consultants to conduct a “cost feasibility” study for setting up an EV plant which would have the initial capacity of 250,000 vehicles a year which would be scaled up to 750,000 over the coming years.
It is also taking into account the feasibility of a battery plant with 10 gigawatt hours of battery which would expand upto 75 GWh over the decade.
Reliance Infrastructure aims to finalize its plans within a few months and is readily looking for partners, including Chinese companies.
Currently, Tata Motors is India’s largest EV player with a nearly 70 per cent market share with rivals like SAIC, MG Motor and BYD gaining pace. Auto market leaders Maruti Suzuki and Hyundai Motor plan to launch EVs in 2025.
Till last year, electric models constituted less than 2 per cent of the 4.2 million cars sold in India, but the government wants to grow this to 30 per cent by 2030. It has budgeted over $5 billion in incentives for companies locally manufacturing EVs and their components, including batteries.
Meanwhile, Anil Ambani’s elder brother Mukesh Ambani’s company is already working to manufacture batteries locally and won a bid to receive government incentives for 10 GWh of battery cell production.
If Anil's group proceeds with these plans, the brothers will go head-on in a market where EVs have a niche presence but are growing fast.
Many local manufacturers like Exide and Amara Raja have already tied-up with Chinese players for technology to manufacture lithium-ion battery cells before battery making even takes off in the country.
Reuters reports that according to government records, Reliance Infrastructure in June formed two new wholly-owned subsidiaries related to autos.
One of the subsidiaries, Reliance EV Private Ltd, aims to "manufacture, deal, in vehicles of every description and components for transport and conveyance using any nature of fuel".
In recent years, Reliance Infrastructure has struggled with high debt levels and cash flow issues and the funding of the EV project still remains unclear.
Additionally, the company has also hired external consultants to conduct a “cost feasibility” study for setting up an EV plant which would have the initial capacity of 250,000 vehicles a year which would be scaled up to 750,000 over the coming years.
It is also taking into account the feasibility of a battery plant with 10 gigawatt hours of battery which would expand upto 75 GWh over the decade.
Reliance Infrastructure aims to finalize its plans within a few months and is readily looking for partners, including Chinese companies.
Currently, Tata Motors is India’s largest EV player with a nearly 70 per cent market share with rivals like SAIC, MG Motor and BYD gaining pace. Auto market leaders Maruti Suzuki and Hyundai Motor plan to launch EVs in 2025.
Till last year, electric models constituted less than 2 per cent of the 4.2 million cars sold in India, but the government wants to grow this to 30 per cent by 2030. It has budgeted over $5 billion in incentives for companies locally manufacturing EVs and their components, including batteries.
Meanwhile, Anil Ambani’s elder brother Mukesh Ambani’s company is already working to manufacture batteries locally and won a bid to receive government incentives for 10 GWh of battery cell production.
If Anil's group proceeds with these plans, the brothers will go head-on in a market where EVs have a niche presence but are growing fast.
Many local manufacturers like Exide and Amara Raja have already tied-up with Chinese players for technology to manufacture lithium-ion battery cells before battery making even takes off in the country.
Reuters reports that according to government records, Reliance Infrastructure in June formed two new wholly-owned subsidiaries related to autos.
One of the subsidiaries, Reliance EV Private Ltd, aims to "manufacture, deal, in vehicles of every description and components for transport and conveyance using any nature of fuel".
In recent years, Reliance Infrastructure has struggled with high debt levels and cash flow issues and the funding of the EV project still remains unclear.
