Looking at a huge potential in electric vehicles business, media baron and Rajya Sabha MP Dr. Subhash Chandra is now planning to step into EV ecosystem and become an end-to-end service provider.
Chandra-owned Essel Infraprojects is in talks for acquisition of lithium mines outside India and set up a plant for manufacturing lithium-ion batteries for EV in the state of Andhra Pradesh, according to a Mint report.
Chandra is aware of the huge potential the segment holds and advantage of being an early mover. He aims to manufacture the components rather than buying them from others, added sources.
The company plans to create a new business arm separately for this, which as per the report would be named Essel Green Mobility. The project in line with PMO vision on clean mobility and to promote local manufacturing of batteries and parts of EV.
Three months ago, Essel Infra had declared to invest 1,750 crore in Uttar Pradesh for establishing 250 charging stations and 1,000 battery-swapping stations. It also plans to expand the green mobility business in 20 cities in the state.
Chandra’s firm will reportedly pilot the first of its green mobility businesses next month. Rental business will allow drivers to rent e-rickshaws and their batteries on per month basis. The company has already set up charging station in Mohali.
As per experts, mobility business will mainly be driven by batteries. Therefore investment in lithium-ion battery and green mobility are steps towards a future.
The amount of investment by the company is still undisclosed.
