Published on Monday, February 11, 2019 by Chittorgarh.com Team
The electric vehicle market is growing at a great pace in India. Major stakeholders like Mahindra and Tata are gearing up to penetrate the Electric automobile market. Electric cars solely in the year 2017, have experienced growth of around 54%. As years are passing by, the electric vehicle market in India is gaining momentum. In 2012, the National Electric Mobility Mission Plan 2020 was initiated to promote the electric vehicles industry. Hyundai has confirmed to debut its first electric vehicle in the year 2019, wherein, Maruti Suzuki will bring up its first-ever electric vehicle in India by the year 2020.
In 2015, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) were launched to lower down the purchase price of the hybrid and electric vehicles. In the initial months of 2018, the Ministry of Power came up with the National Electricity Mobility Programme to set a target of over 30% electric vehicles by the year 2030. With such great initiatives, Tata Power has set up three fast-charging electric vehicle stations at Hyderabad campus of the IT firm Cognizant. Finnish state-based company, Fortum has set the two charging stations of an electric vehicle at Indian Oil outlets for the general public in Hyderabad.
In 2017, Nagpur became the first Indian city to have the first electric vehicle charging station. India is growing at a great pace towards sustainable growth as under the pilot project in Nagpur around 200 electric vehicles including cars, buses, and auto were launched. ACME Group, the solar power developer provided Ola with EcoCharge battery swapping and charging stations.
The automobile industry is one of the fastest growing industries. New players are entering the industry every day. The rise of Electric cars in India is a result of substantial policies directed towards the manufacturing and engineering of these cars. This has resulted in a huge demand for Critical Electric Car manufacturing components. This very industry, being capital intensive requires local sourcing to be done for manufacturing and expanding. One such small manufacturing unit of electric vehicle components, Kranti Industries is coming up with their own SME IPO.
Kranti Industries is a Pune based manufacturing and supplying of precision machined components including automotive component and non-automotive (off highway) components.
Public issue of Kranti Industries opens on Feb 14, 2019 and closes on Feb 20, 2019.
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