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