China’s BYD (Build Your Dreams) Group’s Indian arm is likely to invest ₹700 crore in a mobile components facility in Sriperumbudur, according to sources.
Zhang Jie, executive director of BYD India, met Tamil Nadu Chief Minister Edappadi K. Palaniswami on Tuesday, to discuss the firm’s investment plan in the State.
He discussed investments in electric vehicles and mobile handsets in Sipcot, Oragadam and Sriperumbudur, and job opportunities, Mr. Palaniswami tweeted on Wednesday.
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BYD India was set up on March 2007 in Chennai, and has an office in New Delhi. The Indian subsidiary has two factories (one in Bengaluru), covering more than 1,40,000 sq m.
The company’s business covers mobile components, solar panels, battery energy storage, electric buses, electric trucks, electric forklifts, chargers and rail transit, among others. It provides customers with product solutions and related after-sales services.
“The firm is currently making lithium-ion batteries in Sriperumbudur, and has a 30-acre plot, which it wants to expand. In the first phase, they will invest in a mobile components facility. They are studying the electric cars market and will invest further,” sources said.
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BYD has a joint venture with Olectra Greentech for electric buses.
It has successfully piloted the all-electric bus in Bangalore, Rajkot, New Delhi, Hyderabad, Goa, Cochin, Chandigarh, Vijayawada, Manali, Mumbai, Surat and other cities. Till date, BYD has gained 52% market share in electric buses commercially operating in India, according to a company statement.