Ampere Electric announces Rs 700 crore investment over 10 years
Ampere Electric has announced phased investment potential of Rs 700 crore over 10 years. The spending is earmarked for a world class e-mobility manufacturing plant in Ranipet, Tamil Nadu. A Memorandum of Understanding (MoU) was signed by the Company and Government of Tamil Nadu, today. Greaves has already invested Rs 250-Cr in the acquisition of Ampere and ELE e3W . Since January 2019 the company has been scaling up ops.
The proposed Ranipet manufacturing plant is spread over 1.4 million square feet. Once built, it will be one of the largest e-mobility manufacturing plants in India. Manufacturing potential is set at 1,00,000 units in its first year of operation, upto a potential to scale to 10 lakh units per annum.
Ampere Electric manufacturing facility
To be operational by 2021, it brings employment opportunities to the locality, and is being built on Industry 4.0, principles with advanced automation processes for superior manufacturing capabilities.
Further growth is anticipated on the back of 35 percent growth in Ampere sales volumes for Q3 FY21. This despite business circumstances owing to Covid pandemic. Currently the manufacturer boats of a fast growing base of 500+ dealerships, 75000+ customer base and 50+ B2B buyers.
Electric vehicle market in India
Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton Limited, said, “This is a historic milestone for Greaves Cotton, as we outline our investment to transform the clean mobility landscape in India. This plant is dedicated to the State of Tamil Nadu and our Nation. This move aligns with our mission of decarbonising last mile transportation for a cleaner planet and uninterrupted mobility.”
Roy Kurian, COO, E-Mobility Business (2W & 3W), Ampere Electric, said, “We have strengthened our leadership position in e-mobility segment and getting ready to cater to the growing demand of customers, channel partners, both in B2B and B2C segments. The manufacturing facility in Ranipet will help us expand our offerings to an ever increasing customer base not just in India but also in other parts of the world.”
While the electric vehicle segment in India is still fledgeling one, the e-scooter industry is expanding rather quickly. With each passing month, new manufacturers enter the fray in a quest for a small share of the small market.
With longterm expansion plans, experience and ability to grow, market dynamics will soon make place for big time winners in the EV segment. And that will create an all new marketplace that gives electric vehicles a fighting chance in the future.