Amara Raja Batteries Ltd is planning to set up a lithium-ion assembly plant in Andhra Pradesh, as part of its efforts to grab a slice of the market for electric vehicle power packs.
With the segment set to grow to $300 billion by 2030 as per industry estimates, Amara Raja is eyeing to tap the market.
According to S Vijayanand, CEO of Amara Raja Batteries Ltd, the company expects the market for supplying batteries to e-rickshaws and small privately-owned three-wheeler taxis, to grow at a compounded rate of about 20 per cent over the next five years. He also mentioned that this new lithium-ion pack assembly is expected to generate business by the end of this financial year, ending March 2019
NITI Aayog had said Indian and overseas companies are gradually entering the new segment to manufacture green vehicles.
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