Ashok Leyland, the flagship of the Hinduja Group, has announced plans to invest over ₹5,000 crore in battery localization in India over the next 7-10 years. This investment will support Ashok Leyland & Switch's electric vehicle portfolio and address non-captive demand in the automotive and energy storage sectors.
Ashok Leyland stock was trading up 0.25% at Rs. 127 on NSE in early afternoon.
The company has entered into a long-term exclusive partnership with CALB Group, a battery technology company in China, to develop and manufacture next-generation batteries for automotive and non-automotive applications, including energy storage systems. The agreements were signed by Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland and Mr. Jacky Liu, CEO, CALB (HK) Co., Ltd, in presence of Mr. Shom Hinduja, President, Alternative Energy and Sustainability Initiatives, Hinduja Group.
Mr. Dheeraj Hinduja, Chairman of Ashok Leyland, stated that the company is deeply committed to shaping the future of sustainable mobility in India and that this partnership is a significant step towards creating a localized battery supply chain.
Mr. Shenu Agarwal, Managing Director & CEO of Ashok Leyland, mentioned that the new battery business will initially focus on the automotive sector and then expand to non-automotive areas, including energy storage systems. A Global Centre of Excellence will be established to foster innovation in battery materials, recycling, battery management systems, and advanced manufacturing processes.
This partnership marks a milestone for Ashok Leyland and Hinduja Group's commitment towards electrification, with investments across Electric Vehicles, Electric Mobility-as-a-Service, Charging Equipment, Vehicle Financing and Leasing.
Ashok Leyland, the 2nd largest manufacturer of commercial vehicles in India, is a US $ 5.52 billion company with operations in 50 countries and approximately 54,000 touch points. The company offers a range of trucks from 2T to 55T GTW and buses in 9-to-80-seat configurations. Ashok Leyland is shifting towards greener, sustainable products, including electric, CNG, LNG, and hydrogen vehicles.
CALB is a global leader in new energy technology, developing a comprehensive energy operation system with a focus on technological innovation and large-scale intelligent manufacturing. CALB has established industrial bases in Changzhou, Xiamen, Wuhan, Chengdu, Hefei, Jiangmen, Meishan, Handan, and aims to become a global leading enterprise with intelligent manufacturing capabilities.
For media inquiries, contact Rajesh Mani, Head - Marketing and Corporate Communications at rajesh.mani@ashokleyland.com or Mayura. K, Assistant General Manager – Corporate Communications at mayura.k@ashokleyland.com.
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