Urja Global Limited to invest Rs. 200 Crore in Andhra Pradesh to set up an Integrated Electric Vehicle and Lithium-Ion Battery Manufacturing plant.
Andhra Pradesh Economic Development Board (APEDB) and Urja Global today signed a Memorandum of Understanding (MoU) for setting up a new plant for manufacturing high technology Lithium-Ion Batteries and electric vehicles for the electric mobility ecosystem.
Through this MoU, Urja Global would invest Rs. 200 crore and shall create 250 direct and over 1000 indirect skill based sustainable jobs in the state. They have shortlisted Anantapur, Nellore, and Chittoor for establishing their unit in Andhra Pradesh.
The MOU was signed by Mr. J. Krishna Kishore, Chief Executive Officer of APEDB and Mr. Avinash Kumar Agarwal the Chief Financial Officer and Director of Urja Global Limited.
Urja Global is engaged in designing, consultancy, integration, supply, installation, commissioning & maintenance of off-grid and grid connected Solar Power Plants. The Investor, through its subsidiaries, is investing in an integrated plant for the manufacturing of electric vehicles & lithium-ion batteries and also be involved in the skilling of personnel in regard. The company is also a major player in the Electric Mobility Ecosystem and currently has products which range from Lithium Ion Batteries, E-Rickshaws Batteries, and Automotive energy storage systems.
The proposed investment has been facilitated by Andhra Pradesh Economic Development Board. The APEDB is responsible for sustainable economic growth through trade, investments, partnerships, and collaborations.
A dedicated team at EDB works on the development of emerging technology ecosystems including electric mobility.
Mr. J. Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board said “Andhra Pradesh as an emerging auto hub also enjoys the optimal inflection point to transition to electric mobility. One of the critical components of the e-mobility value chain is batteries and it is strategically important for Andhra Pradesh to compete in the global market.
“This investment from Urja Global is a testimony that Andhra Pradesh has taken a proactive approach to attract forward and backward value chains in electric mobility. This is the AP approach led by Chief Minister Naidu in attracting investments in sunrise sectors such as mobility and deep-tech”.
Andhra Pradesh is building a Silicon Corridor to catalyze investments in manufacturing owing to robust infrastructure for connectivity, enabling policies, integration with global value chains and a skilled and ready workforce.