After foraying into the steel business, the Adani Group is looking to enter automotive production.
Indias second-richest person and the head of the ports-to-power conglomerate Adani Group is now slated to enter the automotive sector. A trademark has been registered for the name Adani proposed to be used for both Land and Water transport by the S.B. Adani Family Trust. With the current boom in EVs, the Adani group will also, in all probabilities, enter the EV segment.
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As part of this plan, the group will first start with the production of electric commercial vehicles, which includes, coaches, buses, and trucks. These products will initially be used for in-house requirements in airports, and ports. It will later on become a part of the public transport system.
The company also plans to further expand into battery production. It will also set up several EV charging stations across the country. This move comes in line with the companies shift towards green projects. Later on, the infrastructure conglomerate also wants to establish a Research and Development center in the Special Economic Zone in Mindra, Gujrat. This move will pit the Adani group directly against Tata Group and Reliance, who also has announced ambitious low-carbon projects.
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The news of Adanis recent venture comes hot on the heels of Adani Green hitting a market cap of Rs. 3 lakh crore. The group also set up a new subsidiary, ANIL, that will look after its hydrogen project, wind turbines, solar modules and battery for the generation of low carbon electricity.
The motive behind this move is to establish itself as the worlds largest renewable energy company that produces the cheapest hydrogen.
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