Ampere Electric to set up manufacturing plant in Tamil Nadu; to invest Rs 700 crore over 10 years
Ampere Electric, the electric-mobility arm of Greaves Cotton, on Tuesday said it will invest Rs 700 crore in a phased manner over 10 years to set up a manufacturing plant at Ranipet in Tamil Nadu. The proposed plant, for which Ampere Electric has signed a memorandum of understanding with the Tamil Nadu government, will be spread in 1.4 million sq feet and is expected to be completed by this year, the company said in a statement.
Once commissioned, it will be one of the largest facilities in the electric mobility space in the country. It will have an initial capacity to produce 1 lakh units in its first year of operations with the potential to scale it up to 1 million units per annum, it said.
Greaves Cotton has already invested Rs 250 crore to acquire Ampere and e-three wheeler company ELE and on their scale-up, since January 2019, said the statement.
“Ampere Electric announces phased investment potential of Rs 700 crore over 10 years to set up a world-class e-mobility manufacturing plant in Ranipet,” the company said.
Greaves Cotton Group CEO and MD Nagesh Basavanhalli said, “This is a historic milestone for Greaves Cotton, as we outline our investment to transform the clean mobility landscape in India.”
He added that this move aligns with our mission of de-carbonising last-mile transportation for a cleaner planet and uninterrupted mobility.
