Tata, Chromeni to make EV batteries in [Vibrant] Gujarat

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Renewable energy investments keep pouring in the state of Gujarat with the likes of Tata Group, Adani and Chromeni Steels announcing their Lithium ion battery manufacturing plans during the ongoing Vibrant Gujarat Global Summit 2019.

Adani will invest ₹55,000 crore in the next 5 years across various domains in Gujarat including the world’s largest solar park and a lithium battery manufacturing complex among others.

Chromeni Steels, a joint venture company of China’s Tsingshan Industries, will invest US$ 3 billion to manufacture stainless steel and electric vehicle (EV) batteries.

Meanwhile, Sudhir Mehta, chairman of Torrent Group, has expressed his commitment to invest an additional amount of Rs 10,000 crore in renewable energy among other sectors.

Dutch firm HyET Solar has signed a memorandum of understanding with the state to set up a solar module manufacturing facility. HyET Solar will set up Make in India facility in partnership with other panel manufacturers and a polymer producer. The company manufactures some 5 MW of solar panels and expects to achieve 300 MW output in India, where setting up the fab would entail investment of €200 million (Rs1,620 crore).

Speaking here at the Summit, Tata group Chairman N. Chandrasekaran said, “We see Gujarat as a big partner for Tata Group and it is a place where professionalism is shown at its best.”

“We want to make further investments, not only in manufacturing electric vehicles, but also in lithium ion battery projects here,” he added.

Tata Motors’ plant at Sanand manufactures Tigor electric car in addition to models such as Tiago and Nano.

Earlier in the day, Prime Minister Narendra Modi inaugurated the 9th edition of Vibrant Gujarat Summit in Gandhinagar. Five Heads of States from Uzbekistan, Rwanda, Denmark, Czech Republic and Malta along with the captains of industry from various sectors and over  30,000 delegates from India and abroad are taking part in the event.

The Prime Minister invited global business leaders and companies to come and invest in India where the business climate is more investor friendly now with the required infrastructure and facilities in place.

“India is now ready for business. In the last four years, we have jumped 65 places of global ranking of ease of doing business. I have asked my team to work harder to ensure India is in the top 50 next year,” said the PM.