Tata Group inks US$ 1.6 billion EV battery plant transaction: Report

Tata Group has inked an outline deal, for a lithium-ion cell factory, in an attempt to give a fillip to the nation's electric vehicle supply chain, Reuters reported. A joint statement o this MoU between the Indian salt to software conglomerate's Agratas Energy Storage Solutions and Gujarat government stated that the plant would be in Sanand and work would commence within a span of three years.

As per the statement, the plant will have initial manufacturing of capabilities of 20 Gigawatt hours, which could be ramped up to 40 Gigawatt hours in the second stage of expansion.