Ampere Electric, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, on February 16 announced Rs 700 crore investment potential of over 10 years to set up an e-mobility manufacturing plant in Ranipet, Tamil Nadu.
Earlier in the day, the company signed a Memorandum of Understanding (MOU) with the state government to this effect.
"Ampere Electric’s Ranipet plant will have the potential to start manufacturing 100,000 units in its first year of operation, and has the potential to scale to 1 million units per annum. This facility will be operational by 2021, providing employment opportunities to the local population," the company said in an official statement.“This is a historic milestone for Greaves Cotton, as we outline our investment to transform the clean mobility landscape in India... This move aligns with our mission of decarbonising last mile transportation for a cleaner planet and uninterrupted mobility,” Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton, said.