NexGen Energia to invest Rs 1,000 cr in EV manufacturing plant in JK

Noida: Sustainable energy solutions firm NexGen Energia announced on Monday that it intends to invest Rs 1,000 crore in establishing a manufacturing unit for electric vehicles (EVs) in Jammu and Kashmir, PTI reported.

The company is currently engaged in discussions with authorities in JK searching for a suitable 100-acre plot of land, either in the Kathua industrial area or in the Kashmir Valley.

 

 

This decision comes shortly after NexGen Energia revealed its plans to invest Rs 3,000 crore in setting up a Compressed Bio Gas (CBG) plant in Gujarat.

A view of the sea

Piyush Dwivedi, the chairman of NexGen Energia, emphasized the company’s commitment to supporting India’s “Make in India” initiative, stating, “Along with ‘Make in India’, we are on the way to fulfil the dream of self-reliant India. We will establish an EV plant in Jammu and Kashmir in collaboration with the government in which we will invest Rs 1,000 crore.”

Dwivedi further elaborated that the manufacturing unit is expected to generate direct and indirect employment opportunities for approximately 1 lakh individuals.

Additionally, NexGen Energia aims to introduce its most affordable electric two-wheeler, priced at Rs 36,900, from its Noida unit on April 15.

The chairman also disclosed that the company recently met with Nitin Gadkari, the Union Minister for Road Transport and Highways, to discuss proposals regarding sustainable energy solutions, including the expanded use of CBG and the production of domestically manufactured EVs.

 

 

NexGen Energia currently has a range of electric two-wheelers and three-wheelers ready for launch and plans to diversify its production to include electric buses, trucks, and cars in the future.

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