New Delhi: Ampere Electric, the wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, on Tuesday announced a phased investment potential of INR 700 crore over 10 years to set up an e-mobility manufacturing plant in Ranipet, Tamil Nadu.
The company signed a Memorandum of Understanding (MoU) with Tamil Nadu for the proposed Ranipet manufacturing plant which will be spread over 1.4 million square feet.
It will have the potential to start manufacturing 100,000 units in its first year of operation. It can be scaled up to 1 million units a year. To be built on the principles of Industry 4.0, the Ranipet plant will have an advanced automation process for advanced manufacturing capabilities.
“When ready, the plant will be one of the largest state-of-the-art e-mobility manufacturing plants in the country”, Ampere Electric said.
Greaves Cotton has already invested INR 250 crore to acquire Ampere and e-three wheeler company ELE and on their scale-up, since January 2019, said the statement.
Nagesh Basavanhalli, group CEO and MD, Greaves Cotton Limited, said, “This is a historic milestone for Greaves Cotton, as we outline our investment to transform the clean mobility landscape in India. This plant is dedicated to the State of Tamil Nadu and our nation. This move aligns with our mission of decarbonising last-mile transportation for a cleaner planet and uninterrupted mobility.”
Roy Kurian, COO, e-mobility business (2W & 3W), Ampere Electric, said, “The manufacturing facility in Ranipet will help us expand our offerings to an ever-increasing customer base not just in India but also in other parts of the world.”
This announcement rides on the back of a 35% growth in Ampere sales volumes for Q3 FY21 amidst a challenging business environment triggered by the COVID-19 pandemic.