Neogen, Gujarat Fluorochemicals: India’s Chemical Makers Prepare For EV Boom – EQ Mag Pro
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As India’s carmakers line up investments in electric vehicles and demand for battery-powered scooters takes off, potential suppliers sense an opportunity. Chemical makers are among them.
Two publicly listed companies Neogen Chemicals Ltd. and Gujarat Fluorochemicals Ltd. have prepared capex plans to foray into electric vehicles, according to Edelweiss Broking Ltd.
India’s EV market is still nascent with demand mostly coming from two-wheeler segment. India’s rising fuel prices accelerated that shift. But the country’s top automakers including Tata Motors Ltd., Mahindra & Mahindra Ltd. and Hyundai Motor Ltd. have announced investments to build battery-powered capacity. That will also drive demand for supplier of components and inputs.
Source : bloombergquint
