The Andhra Pradesh Economic Development Board (AP-EDB) and the Urja Global Limited (UGL) signed a memorandum of understanding (MoU) on Thursday for setting up a plant for manufacturing high technology lithium-ion batteries (LIB) and electric vehicles at an investment of ₹ 200 crore. They have shortlisted Anantapur, Nellore, and Chittoor for setting up the unit.
The MOU was signed by EDB Chief Executive Officer J. Krishna Kishore and UGL Chief Financial Officer and Director Avinash Kumar Agarwal.
According to a press release, New Delhi-based UGL is engaged in designing, consultancy, integration, supply, installation, commissioning and maintenance of off-grid and grid-connected solar power plants. It is also a major player in electric mobility and has products ranging from LIB, e-rickshaw batteries and automotive energy storage systems.
Mr. Kishore said the State was emerging as an automobile hub and the investment by UGL was a testimony to the State’s proactive approach in encouraging electric mobility.
