Posted On : 02 Dec, 2019
Ather Energy to set-up Electric 2-wheeler & Lithium ion battery manufacturing unit in Hosur, Tamil Nadu
There is some goodness in GST now, as this time, there are satisfied responses from all the business sectors in India. The verdict of the apex body, the Supreme Court has announced the verdict favoring the Purchase transaction during the proceeding of TVS Motor versus Tamil Nadu State Authority. The purchaser shall be eligible to avail the Input tax paid, whether the seller records the same in the GSTR-1. Like others, India too is concerned about matching its development pace, the FAME scheme is a clear indication of the GOI about their intention. To speed-up the adoption of all electric mobility mission plans, the National Mission is documented to enlighten to facilitate all the required support.
Mr. Tarun Mehta & Swapnil Jain the founders of the Electric Vehicle Company, has signed the Memorandum of Understanding with the State of Tamil Nadu to set-up a 400000 sq.ft of manufacturing unit in Tamil Nadu. Hosur and the Bengaluru’s border kissing areas like Electronic city, Madiwala would soon share one thing in common, employment in the Lithium ion and the 2-wheeler manufacturing unit.
The governing norms of the whole investment plan of Rs. 634 crores approx is under the EV policy and in under the governance of Tamil Nadu Government Ather Energy’s projection regarding its business spread has 30 Indian cities. The built-up factory will be located in Hosur, Tamil Nadu and is supported by the government of Tamil Nadu under its EV Policy. The Skill Development, an initiative launched by our Hon’ble Prime Minister Narendra Damodardas Modi, would be in play up to 5 years. Focusing on other beneficial aspects, it would create employment, electric vehicle manufacturing demand and most importantly, the manufacturing of power creating, the lithium battery production.
The CEO of Ather Energy revealed his preference for Tamil Nadu as it has the maximum congregation of auto-manufacturing units and also highlights the level of support and co-operation he received in setting up an Electric Vehicle Ecosystem. Further, on choosing Hosur as an ideal location for setting-up the manufacturing unit for both, two-wheeler electric vehicles and the Lithium ion production, he said that it is the nearest and an ideal location that lies near to their Research & Development unit which is in Bengaluru.
However, the news about Ather’s investment was already aired before as The Chief Minister of Tamil Nadu Mr. Edappadi K Palaniswamy had already made the public announcement, where he confirmed about mailing Ather Energy seeking the time frame about their investment.
Also the benefits of the project were numbered by the CM as rupees 600 approx (latest update) crore as investment amount and 4300 employment opportunity. It is not the new project of the energy company Ather, as it has already 10 electrical charging points in Chennai and proposes to have more in Karnataka in Hyderabad, Pune, Delhi and Mumbai. The policy roll-out of Fame, including the second policy has ensured Gst reduction and also easy loan facility.