Hero Electric ties up with Punjab govt for EV infra
The company will work in conjunction with the government to attract existing and potential players to invest in the state as part of their e-mobility vision, Hero Electric said in a statement.
New Delhi: Electric two-wheeler manufacturer, Hero Electric on Friday has announced its collaboration with the Punjab government to support and develop the EV infrastructure in the state.
The company will work in conjunction with the government to attract existing and potential players to invest in the state as part of their e-mobility vision, Hero Electric said in a statement.
It has recently announced an investment of Rs 700 crore in its R&D, model portfolio, dealer network, localization and its manufacturing facility in Ludhiana.
Naveen Munjal, MD, Hero Electric said, “When I look back, I realize that it was the right decision to set up our first plant in Ludhiana, Punjab. The state has always supported us in all our endeavours, and we have found the right partner in them. I am sure, Hero Electric and the state of Punjab can together make a considerable difference and lead the e-mobility in the country.”
According to the company, the Punjab government has proactively encouraged electric mobility and development of infrastructure with incentives and other beneficial schemes for ease of business.
The state offers net GST reimbursement for 7 years up to 100 per cent FC, employment subsidy of up to Rs 48,000 per year for 5 years.
The company plans to take the 615 touchpoints presently to 1000 by the end of 2020 and ramp up production capacity of its electric scooters to 5 lakh units annually, with a focus on low-speed scooters for last-mile connectivity.
Source: auto.economictimes.indiatimes
