Reliance Infrastructure which is led by Anil Ambani, is planning to enter the car manufacturing industry and initially plans to manufacture electric cars and batteries for which it will set up manufacturing units in India.
Anil Ambani, the younger brother of Asia’s richest person Mukesh Ambani, may not have tasted the same level of success as his more famous older sibling, but his new venture could be the shot in the arm for his business empire to thrive once again. According to reports, Anil Ambani is planning to enter automobile manufacturing market to take on bigwigs of India’s automobile industry such as Tata Motors, Mahindra & Mahindra, and Maruti Suzuki.
Anil Ambani’s Reliance Infrastructure to enter EV arena?
As per a Reuters report, Anil Ambani’s Reliance Infrastructure, is planning to enter the car manufacturing industry and initially plans to manufacture electric cars and batteries for which it will set up manufacturing units in India. Reliance Infrastructure has also brought in a former Indian executive who formerly worked for Chinese car manufacturer BYD, to benefit from his expertise in the electric cars market, the report said.
Additionally, Anil Ambani’s firm has also roped in special consultants to determine the cost and other finer details of a massive EV plant which is expected to produce over 2,50,000 vehicles in a year, reports said, adding that the target to is to increase this capacity to 7,50,000 vehicles in the near future.
Reliance Infra is also mulling to set up a battery plant to manufacture batteries for these electric vehicles, having a capacity of 10 gigawatt-hours (GWh), they said.
Ambani Vs Ambani?
Anil Ambani is the younger brother of Mukesh Ambani, Asia richest person and the 11th richest in the world. The Ambani brothers went their separate ways back in 2005 and divided their businesses. While Mukesh played it safe, and forayed and flourished in the telecom sector and the oil industry, Anil Ambani launched several innovative ventures, which failed and significantly reduced his fortune.
Notably, a Mukesh Ambani-owned Reliance subsidiary is also working on making batteries, which would put the brothers in a head-on battle in the the electric vehicle space, should the junior Ambani’s venture take off.