Essel Infraprojects to enter electric vehicle sector with Rs3,500 crore investment

New Delhi: Essel Infraprojects Ltd, a unit of Essel Group, will enter the electric vehicle (EV) segment with an investment of Rs3,500 crore, it announced at the ongoing UP Investors Summit 2018 on Thursday.

Essel Infraprojects will invest in the installation of charging stations and to manufacture e-rickshaws and e-buses across the state.

A memorandum of understanding (MoU) with the Uttar Pradesh government was signed in this regard during the summit in Lucknow, the company said in a statement.

“Essel Infraprojects has committed an investment of Rs3,000 crore for bringing out 1,000 e-buses from intrastate UP to the National Capital Region.

In addition, Rs500 crore will be used for development of e-rickshaws with battery charging and swapping stations,” it said.

The investment in developing electric vehicles and associated infrastructure will create 50,000 jobs, according to the company.

Apart from this Essel Infraprojects will also invest Rs750 crore to develop a bus terminus in Uttar Pradesh.

“Compared to any other state, Uttar Pradesh has a huge potential to attract investments with its natural resources and human resources and under the able leadership of Shri Adityanathji, we can already see the signs of transformation,” said Subhash Chandra, chairman of ZEE and Essel Group.

“The company’s investment through these MoUs will generate more than 54000 employment activities,” Chandra added.

“Essel Infraprojects Limited, through these MOUs, will cover sectors like energy, roads and tourism. Effort will be to improve power transmission and distribution in the state and also to bring in the company’s expertise in expressway development and other road projects,” the company said in the statement

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.