 "UK-based Causis E-Mobility to invest Rs 2,800 crore to set up EV plant")
Causis E-Mobility, a UK-based electric vehicle startup, will invest Rs 2800 crore in Talegaon near Pune in a new zero-emission EV manufacturing facility in the state.
The company signed a memorandum of understanding with the Government of Maharashtra on Friday for the project. It is the first big-ticket investment under the recently announced Maharashtra EV Policy 2021, according to a press statement released by the Maharashtra Government.
It is set to transform Maharashtra into a leading state in terms of adoption of electric vehicles in the country, said the statement.The state had unveiled a comprehensive EV policy in July 2021, to stimulate manufacturing of battery electric vehicles.
“Taking our commitment to make Maharashtra the lead state in Electric Mobility in India, Government of Maharashtra MIDC have signed an MoU with Causis E-Mobility to set up an EV production unit in Talegaon,” Aaditya Thackeray, Minister for Environment, Tourism and Protocol,Government of Maharashtra said. The aforementioned investment will generate employment opportunities for 1,250 people and will help in climate action,” he claimed.
In Phase two, Causis E-Mobility will set up its own battery Gigafactory in Maharashtra to manufacture and supply EV batteries.
Under the Maharashtra EV Policy 2021, the State has drawn up a roadmap to bring in a transition in the transportation ecosystem of Maharashtra that is aimed at attracting investments, facilitating the establishment of manufacturing units, and encouraging the production of electric vehicles, electric vehicle components including Advance Chemistry Cell (ACC) batteries and electric vehicle supply equipment (EVSE).
In order to stimulate manufacturing of electric vehicles in the State, the new EV Policy provides elaborate incentives that are spread across three broad categories – supply side, demand side and special incentives for EV charging infrastructure.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%