Pinnacle to invest Rs 2000 crore over next 5 years to develop EV manufacturing units
- ByStartupStory | March 4, 2022
Pinnacle Industries is a pune based company which is among the 20 companies that got approval to launch electric vehicle manufacturing under the production-linked incentives scheme, will invest Rs 2,000 crore to set up EV manufacturing units in Pune and Indore, according to a senior company official.
The company has been into automotive seatings, interiors for speciality vehicles since 1996, has already set up an electric vehicle unit under the Eka label and has two bus models awaiting regulatory nods. In September 2021, the government announced the PLI scheme for the auto sector, offering Rs 26,058 crore in incentives along with 12 other manufacturing sectors.
The scheme for the auto sector seeks to incentivise domestic manufacturing of high-value advanced automotive technology vehicles and products, and expects over the next five years the scheme to attract over Rs 42,500 crore in new investments, incremental production worth over Rs 2.3 lakh crore and generate over 7.5 lakh new jobs. Last month, the government cleared 20 PLI applications out of 115 it received since the scheme was announced.
“We are one of the 20 successful applicants for the auto PLI scheme for the EV segment. We will be investing Rs 2,000 crore over the next five years to develop EV buses and build manufacturing units in Pune and Pithampur near Indore. The plants should be ready over the next 12-18 months, and we plan to invest Rs 2,000 crore into the EV business over the next five years,” said Pinnacle Industries and Eka CMD Sudhir Mehta.
Follow Startup Story
Related Posts
