Anil Ambani Compay Reliance Infrastructure Planning to Enter in EV Business

Anil Ambani’s company Reliance Infrastructure, which has been facing financial difficulties for the last few years, plans to manufacture electric cars. For this business, Reliance Infrastructure has hired a former executive of China’s EV maker BYD.

One of Reuters Report Quoting sources, it has been told that Anil Ambani’s company has also hired consultants to study the cost related to setting up a factory for Electric Vehicles (EV). The initial annual capacity of this factory can be around 2.5 lakh units. Apart from this, Reliance Infrastructure is also considering a factory to make batteries with a capacity of 10 gigawatt hours (GWh). Some of the companies of Anil Ambani, Asia’s richest man and younger brother of Mukesh Ambani, head of Reliance Industries (RIL), are incurring losses.

The family business was divided between the Ambani brothers in 2005. Mukesh Ambani’s Reliance Industry is also working on a plan to make batteries for EVs. Recently, Reliance had won the bid to get incentives from the Central Government for manufacturing of battery cells. If Anil Ambani’s company’s EV project progresses, there may be competition between the Ambani brothers in the rapidly growing EV market.

The government plans to increase the share of EV in total automobile sales to 30 percent by 2030. About 42 lakh cars were sold in the country last year. Among these, the share of electric cars was less than two percent. It has been said in this report that Reliance Industries is also looking for partners for its EV plan. Tata Motors has the first position in the country’s EV market. It has about 70 percent share in this market. The country’s largest car maker Maruti Suzuki and South Korea’s Hyundai Motors are also preparing to launch their EVs by next year. Hyundai plans to invest approximately $2.4 billion to increase its share in this market. The company also plans to start its second plant next year. This will enable Hyundai to meet the demand for EV and other vehicles.