Greaves is currently working on potential investment in a battery plant for electric vehicles for which it is building a local network of suppliers.
The 160-year old Greaves Cotton, which is traditionally known as a manufacturer of diesel engines, generators and pump sets, is looking to invest in battery manufacturing and supply chain for electric vehicles (EVs) in the coming years.
The engineering company, which has in the recent years diversified into marine, defence and construction equipment, had acquired a majority stake of 67 per cent in Ampere Vehicles, in August last year, which makes electric scooters.
Going forward
The company had earmarked ₹150 crore to be spent on Ampere over the next three years as it looks to capitalise on the government’s thrust on EVs through incentives under the FAME 2 scheme, which envisages an investment of ₹10,000 crore in the next three years to develop the EV ecosystem.
Greaves is currently working on potential investment in a battery plant for electric vehicles for which it is building a local network of suppliers.
Nagesh Basavanhalli, MD & CEO, Greaves Cotton told Mint in an interview that as part of the next phase of the plan for Ampere, the company are committed to building a robust local infrastructure by a partnership or standalone investment, possibly in lithium-ion batteries as well, in a systematic manner over next few fiscals
Presently, Japan’s Suzuki, along with Toshiba and Denso as partners, is the only automobile manufacturer that is investing in lithium-ion battery manufacturing in India for electric vehicles.
