Atul Greentech Partners with Amara Raja for EV Batteries
Atul Greentech Private Limited (AGPL) and Amara Raja Group announce a strategic partnership to collaborate on the development and supply of Lithium Iron Phosphate (LFP) battery packs and chargers for electric vehicles. The contract, formalized in Ahmedabad, stipulates that battery packs for Atul Greentech's three-wheelers will be produced at Amara Raja's Giga Corridor plant located in Divitipalli, Telangana. This collaboration also encompasses intentions to create battery cells, such as advanced chemistry cells, in accordance with India's Atma Nirbhar Bharat (self-reliant India) initiative.
The tripartite Memorandum of Understanding involves Amara Raja Advanced Cell Technologies, a subsidiary of Amara Raja Energy & Mobility, Atul Greentech Private Limited, and Amara Raja Power Systems Limited.
"Together with Amara Raja we are confident of advancing our successful EV journey as India adapts to electric mobility," says Vijay Kedia, Director at Atul Auto Limited, the parent company of Atul Greentech.
Vijayanand Samudrala, President of New Energy at Amara Raja Energy and Mobility says, "We believe that a domestic ecosystem of cells, packs, chargers along with research and development is critical as India embraces electric vehicles.
This collaboration arises as India's automotive sector shifts towards electric vehicles, experiencing notable expansion in the two-wheeler and three-wheeler markets. The government has launched a range of initiatives to facilitate EV adoption, such as production-linked incentive programs and tax advantages, with the goal of decreasing reliance on fossil fuels and minimizing carbon emissions.
India aims to achieve 30 percent electric vehicle sales penetration for private cars, 70 percent for commercial vehicles, and 80 percent for two and three-wheelers by the year 2030.
According to reports, the country's electric vehicle market is expected to experience a compound annual growth rate exceeding 40 percent through 2030.
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Atul Greentech, a division of Atul Auto Limited, focuses on electric three-wheelers for both domestic and international markets, prioritizing solutions for last-mile connectivity. Amara Raja Energy & Mobility ranks among India's largest producers of energy storage products, catering to telecom providers, railways, and automotive manufacturers, and exporting to over 50 countries globally.