Japanese firm SoftBank is planning huge investments in the nascent electric vehicle (EV) segment in Andhra Pradesh. This is the second time that SoftBank has evinced interest in investing in the state. Previously, the Japanese company had an agreement with the previous state government in the field of energy sector, which was withdrawn.
A meeting was held yesterday between SoftBank representatives and the Andhra Pradesh Minister for Industry, Commerce and IT, Mekapati Gautam Reddy (pictured above). The minister spoke with the representatives of the development in the state and the favourable environment for investment in any sector. The state, which is looking to bring a more transparent industrial policy to help develop various industries, has given special attention to generating employment and developing infrastructure.
SoftBank said it is willing to invest in the EV sector, for which the minister has asked for an official proposal that is to be submitted in two weeks. This proposal is expected to be taken up on a priority basis with the Y S Jaganmohan Reddy, chief minister of Andhra Pradesh.
In the meeting, the minister also spoke about the various initiatives taken up by the state in the area of job creation and skill development in every constituency. SoftBank representatives said that the firm would be keen to move forward with the state government in developing other industries as well.
This news comes a day after Tamil Nadu announced a draft policy, aiming to be India’s ‘EV hub' and looking to attract Rs 50,000 crore investment.