Maharashtra Gets Rs 10,000-Crore Investment Proposals For Electric Vehicles
M&M, Tata Motors and JSW Energy plan to set up EV manufacturing in Maharashtra.
Maharashtra has received three proposals involving investments worth more than Rs 10,000 crore to make electric vehicles and related infrastructure under its policy to push cleaner transport, a senior state official told BloombergQuint requesting anonymity.
Mahindra & Mahindra Ltd., Tata Motors Ltd. and JSW Energy Ltd. have shown interest in setting up manufacturing units in the state, the official said. The government is working on finalising the proposals, he said.
The state aims to support manufacturing of around five lakh battery-powered vehicles in five years. It will initially cover six cities in the first leg: Mumbai, Thane, Pune, Nashik, Aurangabad, and Nagpur. Maharashtra accounted for over 12 percent of more than 21 crore vehicles in India as of March 2015, according to data by the Ministry of Statistical and Programme Implementation. To move to cleaner transport, it will refund taxes to companies making battery-powered vehicles and setting up charging infrastructure, besides offering subsidy on the buying price to consumers.
Pawan Goenka, managing director at M&M, had announced a proposal to invest Rs 500 crore at the Magnetic Maharashtra event. That’s being finalised, the official quoted above said. The company manufactures the Verito electric sedan.
Tata Motors, a leading bus maker, is still finalising land and is looking at an investment of around Rs 500-600 crore, according to the official. JSW Energy has the largest investment planned so far, he said. It proposes an investment worth Rs 10,000 crore to make electric vehicles and charging equipment.
BloombergQuint’s emailed queries to the three companies remained unanswered.