Vietnamese electric vehicle maker VinFast is talking to Hyderabad-based Megha Engineering & Infrastructures (MEIL) and the Adani Group for potential partnerships as it gears up to roll out cars in India.
According to a report by The Times of India, VinFast is still undecided on whether to participate in India’s new electric vehicle (EV) policy, which offers import tax breaks for companies investing $500 million in local manufacturing.
The company, which is setting up a factory in Tamil Nadu, is weighing local partners to help raise capital and navigate the regulatory landscape. A local partnership is also seen as essential for managing labour relations and building a credible, cost-effective component supplier base.
Sources told TOI that while talks with both MEIL and Adani Group are on, any concrete decision on a joint venture is yet to be reached. A spokesperson for VinFast in India confirmed that the company continues to explore collaboration opportunities across its global operations but refrained from commenting on specific discussions.
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MEIL, known for its bus manufacturing under the Olectra brand with support from China's BYD, is also evaluating VinFast’s proposal but has yet to confirm any partnership. Similarly, while sources told TOI that VinFast approached the Adani Group, but the diversified conglomerate has not confirmed the talks. Moneycontrol could not independently verify the report.
VinFast plans to kick off electric car production at its Tamil Nadu facility in 2025, with vehicles set to be showcased at the Bharat Mobility Expo early next year. Despite initial interest in the EV policy, which promises tax breaks to companies committing $500 million to local manufacturing, VinFast is now hesitant to fully commit due to the complexities of the policy and its ongoing factory plans.
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