Tata Group To Build ₹ 13,000 Crore EV Battery Plant In Gujarat

Current Affairs

  • Salt-to-software conglomerate Tata Group signed an agreement with the Gujarat government to set up a giga-factory for manufacturing lithium-ion cells, with an estimated initial investment of around ₹ 13,000 crore.
  • Tata Agaratas Energy Storage Solutions Pvt., a subsidiary of Tata Group, signed a memorandum of understanding to establish an electric-vehicle battery plant that will have a production capacity of 20 gigawatt hours, generating direct and indirect employment for more than 13,000 people, according to a state government document posted on its website.
  • By setting up this manufacturing facility, Tata Group aims to support the country’s transition towards electric mobility and renewable energy.
  • The plant will contribute significantly to the development of the EV industry and create direct and indirect employment opportunities for over 13,000 individuals.
  • Morgan Stanley said it has maintained its ‘overweight’ rating on Tata Motors with a target of Rs 617 per share. The brokerage firm said Tata Group’s foray into battery cells will help Tata Motors.
  • It said this plant will provide a stable, secure and cost-effective supply chain, and all of this is critical to maintaining the lead in the Indian EV space.
  • At present, Tata Motors has the highest market share in the EV passenger car market. It leads in the EV space with 86 percent market share from just two models — Nexon EV and Tigor EV.

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