Power Global plans to invest around USD 25 million (around Rs 185 crore) to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years.
The company, which is setting up one GWh capacity battery plant at Greater Noida in Uttar Pradesh, is also targeting to retrofit around eight lakh existing conventional three-wheelers in India for conversion into electric versions.
It will tap these retrofitted vehicles for its batteries, which would be offered for swapping through a subscription model. The mass production will begin sometime in Q3/2022.
Power Global will also produce the retrofitting kit from the Greater Noida plant. The company is looking at investment in the next two to three years for about USD 25 million initially and then it will scale up more investments if required.