The company is planning to come up with a research and development (R&D) centre and an assembly plant to set up one GWh cell production plant at its electric vehicle ancillary cluster in Vadodara.
The company has already tied up with Sunkonnect to do a feasibility study and identification of the potential partner for production processes.
The likely investment for is setting up the R&D Lab and the assembly plant will entail an investment of around Rs 75-125 crore.
Around Rs 450 crore would be required for acquiring raw materials and machinery. The company plans to raise the required capital through internal accruals and by taking the market route.
The R&D Lab and a small assembly line will come up within the next six months. Sunkonnect will be helping in procuring the machinery, setting up the lab, and raw materials from across the world.