Big Corporates are often criticised for spreading incessant pollution in order to accumulate profits. However, in India, things are running on different tracks. Ahmedabad based Adani Group is improving the energy landscape with their electric vehicle push in India.
Adani Group’s foray into the electric vehicle segment
According to various reports available in the public domain, Adani Group is set to launch itself into the automobile sector. S.B. Adani Family Trust had asked for approval for use of the name Adani for new vehicles, which has been approved. The vehicles are supposed to be running in both land and water.
According to a report by the Times of India, the Adani group is specifically planning to launch itself into the Electric Vehicle segment. The group will first make a low budget and low-risk entry into the segment. Accordingly, the company will be manufacturing commercial vehicles like coaches, buses and trucks. These vehicles will be first deployed in low-risk areas like airports, ports and for other logistics purposes.
The Indian multinational conglomerate is also planning to manufacture electric vehicle batteries and set up charging stations all around the nation. It will also establish a Research and Development centre in the Special economic zone in Mundra. The centre will specially cater to the electric mobility segment of Adani.
$70 billion-Adani Group’s gift to Green energy
Recently, Adani Group had shocked the market with its announcement that the company will be investing $70 billion in the green energy space over the next 10 years. For this purpose, recently the group decided to set up a new subsidiary, ANIL.
In its regulatory filing about ANIL, the group had said, “ANIL will undertake the business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines”
India’s acceleration towards Green energy
India is well on its mission to complete its commitment of bringing its non-fossil energy capacity to 500 GW by 2030. Currently, electric vehicles are only 1.3 percent of total vehicles sold in India. However, it is expected that with a CAGR of 90 percent, its market capitalization will touch $150 billion by 2030.
Read more: Union Cabinet approves for a ‘Golden Quadrilateral’ of Green Energy worth 12000 crores
Indian government’s support has played a key role in the promotion of the electric vehicle sector in India. Currently, the Modi government is providing an incentive of Rs 26,058 crore to electric vehicles under PLI scheme. PLI along with other subsidized schemes have resulted in an average customer paying 80 paise for riding 1 kilometre in an electric vehicle. To put it in perspective, a diesel vehicle costs Rs 4 per km for consumers.
Read more: Nitin Gadkari has taken it upon himself to launch Hydrogen-powered vehicles defying EV backers
India is making massive strides in sustainable development. While reducing environmental pollution, India is also witnessing massive improvement in its human development index. This has been made possible due to the collaborative efforts of the government and Indian corporations. India is showing the right way of development to the world.