Greaves Cotton is planning to set up Lithium-ion battery manufacturing plant for electric vehicles (EVs). This follows the company's investment in electric scooter maker Ampere Vehicles last year.

The company is reportedly building a local network of suppliers for the proposed plant. Greaves Cotton Managing Director and CEO, Nagesh Basavanhalli was quoted as saying by Mint that the company was now working towards building a robust local infrastructure by partnership or standalone investment, possibly in lithium-ion batteries as well, in a systematic manner over next few fiscals.

Greaves Cotton had acquired a majority stake of 67% in Ampere Vehicles in August last year, setting aside Rs 150 crore for investment into Ampere over a period of three years.

Meanwhile, in a move to promote indigenous manufacturing, the Indian government has doubled the basic import duty on lithium ion cells – used in manufacturing of lithium ion accumulator for EVs – to 10 per cent from April 2021. Battery packs used in manufacturing electric vehicles face tripled import duty of 15 per cent as against the current 5 per cent.

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