Mahindra To Promote EV Adoption Through Battery Cell Manufacturing

Mahindra Group is searching for partnerships with global firms to produce battery cells locally in order to meet future demand for electric vehicles, as per the top corporate executive. 

Anish Shah, MD and CEO of Mahindra Group, added that the business is considering listing its electric car arm, Mahindra Electric Automobile Ltd. (MEAL), by 2030.

"One area that we continue to look at more closely is cell manufacturing, and that is something where there are various considerations. If we feel it's essential for us, we will look at a partnership for cell manufacturing," he stated.

He further said: "We will look at a global technology partner, and potentially at private equity partners as well because we will not put the entire capital." The initiative, if it materialises, would enable local production of battery cells in India, Shah said.

"The only reason for us to do it is to indigenize in India. Therefore, if we go down that path, it will be in India," he said when asked if the production facility would come up in the country.

Regarding plans to list MEAL, Shah claimed that it will not happen within the next three to five years. He emphasized that the electric section needs time to take off.