Tatsat Chronicle Magazine

Adani Group to Jump Into Electric Vehicle Race, Says Report

India's EV market could grow at a compounded annual growth rate of 90 percent to touch $150 billion by 2030, says consulting firm RBSA Advisors
January 24, 2022

According to a report published in The Times of India, the Adani Group is looking to enter into electric mobility space as part of the broader moves into green projects.

The group is planning to set up a research and development (R&D) facility for its electric mobility projects at its special economic zone (SEZ) in Gujarat’s Mundra. The group’s initial electric vehicle (EV) plans include coaches, buses, and trucks, which will be used for internal logistical activities at ports, airports, etc. The group is also preparing to manufacture EV batteries and install charging station infrastructure across India.

Electric vehicles account for barely 1.3 percent of total vehicles sold in India in 2020-21. It is estimated that EV market in the country could grow at a compounded annual growth rate of 90 percent to touch $150 billion by 2030, according to a report by consulting firm RBSA Advisors.

Adani Group has set up a wholly-owned new subsidiary, Adani New Industries Ltd (ANIL) to venture into new energy space, investing $70 billion. With green hydrogen and other products such as wind turbines, solar modules and batteries, the firm aims to become the world’s largest renewable energy company.

India has set a target of achieving net zero carbon emissions by 2070. This is a big target, but major industrial houses of the country are working hard to achieve the goal.

Adani Enterprises has a presence in power, renewable energy, power transmission business through its group companies. It recently forayed into steel manufacturing in partnership with South Korean steel manufacturer POSCO. The existing group of businesses makes the company capable to establish a vertically integrated supply chain for EV manufacturing and operate a strong network of charging stations across the country. A group entity, SB Trust recently got the trademark approval to use the name ‘Adani’ for land and sea vehicles.