Ampere Electric plans to pump Rs 700 crore in EV manufacturing plant in TN
Ampere Electric which is a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, has recently announced its plan to invest Rs 700 crore over a period of ten years to set up an e-mobility manufacturing plant in Ranipet, Tamil Nadu, according to news reports.
The company has also signed Memorandum of Understanding (MOU) with the Tamil Nadu government to carry forward its plan. As per the company statement, the company’s manufacturing plant in Ranipet will have the potential to start manufacturing 100,000 units in its first year of operation, and has the potential to scale to 1 million units per annum. The facility is expected to be operational in 2021 further boosting economy and generating more job opportunities for the local population.
Manufacturing is a key growth driver of economy across nations. And, with new manufacturing plants coming up, India is on the road to recovery and economic redevelopment.