Battery energy storage systems maker, Tesla Group, has inked a USD 1 billion agreement with London-based SRAM & MRAM Group, to set up electric vehicle battery facilities across 500 acres in India and other countries.
There would be a total of five EV battery factories, also called gigafactories, established in India and 15 other countries including US, Malaysia, Oman, Brazil, the UAE, and Cambodia, said Sailesh L Hiranandani, Chairman of SRAM & MRAM Group, which is known to be a global leader in technology and sustainable development.
"The collaboration will create one of the largest battery manufacturing and storage supply chains for electric vehicles (EVs) globally," he added.
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While the SRAM & MRAM Group will lead efforts to secure single-window approvals, grants, subsidies, tax incentives, and local partnerships, the TESLA Group will oversee the design, engineering, and construction of these cutting-edge facilities to ensure seamless execution, he further added.
"By combining our advanced BESS technology with SRAM’s global expertise, we are not only building factories but also fostering vibrant communities that will drive the future of sustainable energy," informed Nanda K Bhagi, President of TESLA Group.
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