Maharashtra Gets Rs.10,000 cr Worth Proposals For Electric Vehicles Push

Mahindra & Mahindra, Tata Motors and JSW Energy Have Proposed Investments For Electric Vehicles And Infrastructure

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In a major boost to electric vehicles and related infrastructure, the Maharashtra government has received three proposals involving investments worth more than $1.46 Bn (INR 10,000 Cr) for its policy push for cleaner transport.

In a report, BloombergQuint quoted a senior state official as stating that Mahindra & Mahindra (M&M), Tata Motors, and JSW Energy have shown interest in setting up manufacturing units in the state.

Further, Maharashtra aims to support manufacturing of around 500K battery-powered vehicles in the next five years. The plan is to initially cover six cities: Mumbai, Thane, Pune, Nashik, Aurangabad, and Nagpur.

To amplify its support to cleaner transport, the Maharashtra government will refund taxes to companies making battery-powered vehicles and setting up charging infrastructure, besides offering subsidies on the buying price to consumers.

During the Magnetic Maharashtra event, Pawan Goenka, managing director at M&M, had announced a proposal for an investment of $73.12 Mn (INR 500 Cr) in EVs. The report added that this proposal is being finalised.

Further, Tata Motors is still finalising land and is looking at an investment of around $73.12 Mn (INR 500 Cr)-$87.73 Mn (INR 600 Cr) while JSW Energy has proposed an investment of $1.46 Bn (INR 10,000 Cr) to make electric vehicles and charging equipment.

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