NexGen Energia to Invest ₹1,000 Crore in EV Manufacturing Unit in Jammu and Kashmir

19 Mar 2024 , 12:53 PM

NexGen Energia, a sustainable energy solutions firm, plans to invest ₹1,000 Crore in establishing an electric vehicle (EV) manufacturing unit in Jammu and Kashmir.

The Noida-based company is in discussions with authorities in the Union Territory and seeking 100-acre land in either the Kathua industrial area or the Kashmir Valley.

This investment follows the announcement of a ₹3,000 Crore investment for a Compressed Bio Gas (CBG) plant in Gujarat.

NexGen Energia’s chairman, Piyush Dwivedi, highlighted the collaboration with the government to establish the EV plant, aiming to contribute to the ‘Make in India’ initiative and self-reliant India goals.

The manufacturing unit is expected to create employment opportunities for around 1 lakh people, with plans to launch an affordable electric two-wheeler priced at ₹36,900 from their Noida unit on April 15.

Dwivedi recently met Union Minister for Road Transport and Highways Nitin Gadkari to discuss proposals on sustainable energy solutions, including increased use of CBG and domestically manufactured EVs.

NexGen Energia already has a range of EV two-wheelers and three-wheelers ready for launch, with future plans to produce electric buses, trucks, and cars.

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