EV battery manufacturing

The India arm of USA-headquartered Triton Electric Vehicle has issued an INR 8,060 crore (around $971 million) Letter of Intent to state-owned Bharat Electronics Ltd (BEL) for the purchase of EV battery packs. It will also transfer its technology to BEL for production of hydrogen fuel cells in India.

Japanese carmaker Suzuki Motor is investing INR 7,300 crore (around $914 million) to set up the electric vehicle battery plant at Hansalpur in Gujarat. The plant will manufacture advanced-chemistry cell batteries.

The state-run fossil fuel giant has partnered with an unnamed foreign start-up to produce electric vehicle batteries using raw materials easily available in India.

Previously, a mere €240 million (Rs1,870 crore) was set to flow into the giga-factory. The corporation’s management reasoned new demand for its battery cells made more investment necessary.