Japan's SoftBank plans big-ticket investment for e-mobility in Andhra Pradesh

SoftBank's representatives meet Andhra Pradesh minister on Business Outreach Program and evinced interest in investing in the electric vehicle sector.

By Nilesh Wadhwa calendar 17 Sep 2019 Views icon7821 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
SoftBank representatives met Andhra Pradesh Minister for Industry, Commerce and IT, Mekapati Gautam Reddy yesterday.

SoftBank representatives met Andhra Pradesh Minister for Industry, Commerce and IT, Mekapati Gautam Reddy yesterday.

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the Japanese company had an agreement with the previous state government in the field of energy sector, which was withdrawn.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.

RELATED ARTICLES
BYD Seal e-sedan gets over 1,000 bookings since March 5 launch

auther Autocar Pro News Desk calendar20 May 2024

Premium electric sedan from world’s largest EV maker, with pricing ranging from Rs 41 lakh to Rs 53 lakh, gets a good re...

Tata Motors readies three new  car and SUV launches in 2024

auther Autocar Pro News Desk calendar19 May 2024

While the Nexon and Altroz engine line-ups are set to expand, there’s an all-new model to be launched too.

Honda’s 125cc bikes clock 3 million sales in eastern India, Bihar is top buyer

auther Autocar Pro News Desk calendar17 May 2024

Cumulative sales of the Shine 125 and SP125 record a new milestone; with 1.15 million units, Bihar accounts for 35 perce...