Ashok Leyland
Ashok Leyland to invest in the battery ecosystem
Ashok Leyland, the Indian flagship of the Hinduja Group, on Monday announced its plans to invest in development and manufacturing of next-generation batteries, for both automotive and non-automotive applications, including energy storage systems.
This reinforces Ashok Leyland’s ambition to be a leading player in creating an electrification ecosystem in the country, in alignment with Government’s vision of creating a sustainable and green economy.
In the backdrop of improving bilateral relations, Ashok Leyland has entered into a long-term exclusive partnership with CALB Group, one of the foremost battery technology companies in China.
The agreements were signed by Shenu Agarwal, Managing Director & CEO, Ashok Leyland and Mr. Jacky Liu, CEO, CALB (HK) Co., Ltd, in presence of Shom Hinduja, President, Alternative Energy and Sustainability Initiatives, Hinduja Group.
Ashok Leyland will invest in battery localization in India. This will not only provide for Ashok Leyland & Switch’s own electric vehicle portfolio but will also cater to non-captive demand in the entire automotive sector as well as in energy storage sector. This business would entail investments over Rs. 5000 Cr over the next 7-10 years.
Dheeraj Hinduja, Chairman, Ashok Leyland said, “Ashok Leyland is deeply committed to shaping the future of sustainable mobility in India in full alignment with Government’s vision. Our strategic partnership with CALB is a significant step towards creating a localised battery supply chain in India to accelerate adoption of electric vehicles in India and reduce our dependence on fossil fuels.”
Shenu Agarwal, Managing Director & CEO, Ashok Leyland, said, “In the initial phase, the new battery business shall focus on automotive sector, and then move to non-automotive areas as well, including energy storage systems. A Global Centre of Excellence will be created to serve as a hub for research and development, fostering innovation in battery materials, recycling, battery management systems, and advanced manufacturing processes.”
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