In a major economic boost for the city, Kinetic Green Energy and Power Solutions Limited has expressed interest in setting up a premium electric vehicle manufacturing unit in Vizag. This firm will also set up infrastructure, such as battery making units and swapping stations, in Andhra Pradesh at an estimated cost of Rs.1,750 crore.
The company’s founder, and Chief Executive Officer (CEO), Sulajja Firodia Motwani and co-founder, Ritesh Mantri met the Andhra Pradesh Chief Minister (CM), YS Jagan Mohan Reddy, at his camp office on Friday. During this interaction, the company’s management conveyed their interest in setting up an electric vehicle manufacturing unit in Visakhapatnam.
Along with the State’s Chief Minister, Special Chief Secretary (municipal administration and urban development), Y Srilakshmi IAS, and Director of Industries, Commerce and Export Promotion, JVN Subramanyam IAS, were present during the meeting.
Kinetic Green Energy and Power Solutions Limited is a Pune based firm. It already has an electric manufacturing unit at Ahmednagar in Maharashtra. This unit has a production capacity of 6,000 vehicles.
It could be noted that Vizag has become a centre for attracting major investment in the State. Earlier in the month of August 2021, Japanese tyre major Yokohama Rubber Co. had announced an additional USD 171 million investment for its upcoming plant in Vizag. The initial plan for the off-highway tyre plant was to have a production capacity of 137 tonnes per day with an investment of USD 165 million. Now with the additional investment, this proposed tyre plant will be able to produce 257 tonnes per day.