Reliance Infrastructure, a key player in Anil Ambani‘s Reliance Group, is considering the production of electric vehicles (EVs) and batteries. The company has roped in the former executive of BYD India to provide guidance on this potential new venture.
What Happened: Reliance Infrastructure has sought the expertise of external consultants to conduct a cost feasibility study for setting up an EV manufacturing plant, as per a Reuters report. The proposed facility would initially have the capacity to churn out around 250,000 vehicles annually, with an aim to increase this figure to 750,000 over time.
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Furthermore, the company is also considering the construction of a battery plant, starting with a capacity of 10 gigawatt hours (GWh) and gradually increasing over a period of ten years. Sanjay Gopalakrishnan, the former executive of BYD, has been appointed as a consultant to advise on the EV project.
In addition to this, Reliance Infrastructure is on the lookout for partners, including Chinese companies, and aims to finalise its plans in the coming months. If the group decides to go ahead with its plans, it would find itself in direct competition with Mukesh Ambani‘s Reliance Industries, which is already working on local battery manufacturing.
Price Action: Shares of Reliance Infra shot up 1.66% to close at ₹213.45 on Thursday.
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