(T.E.T)
Along with steel, Gautam Adani, India’s second-richest person and head of the ports-to-power conglomerate Adani NSE -2.01 % Group, may now be eyeing the auto sector.
A trademark has been registered for the name ‘Adani’, proposed to be used for vehicles, by S.B. Adani Family Trust.
The plan is to enter the EV space, Times of India reported, quoting sources.
It also has plans to manufacture batteries and set up charging stations across the country. The move is in line with the Group’s broader play in green projects.
This follows hot on the heels of Adani Green hitting a market cap of Rs 3 lakh crore. The group recently set up a new subsidiary, ANIL to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world’s largest renewable energy company and produce the cheapest hydrogen.
Adani had in November last year stated that his group will invest $70 billion in the new energy space of the next decade.
The infrastructure conglomerate also plans to establish an R&D centre in its special economic zone (SEZ) in Mundra, Gujarat, for its proposed play in electric mobility, the report said.
This move will pit Adani against the Tata Group and Reliance, who also have announced ambitious plans in low-carbon projects.
