- 31 март 2019
The company had earmarked Rs 6,500 crore for this venture and was in advanced talks with General Motors to acquire the latter's manufacturing facility in Talegaon, near Pune, had reported on March 2.
Calling the move as 'prudent risk management', the company in an exchange filing said, "...given higher than anticipated uncertainties associated with the EV business, the Board has, after careful evaluation, decided not to pursue this business and maintain capital cushion for growth opportunities in power and other related businesses."
This move comes barely few days after the department of heavy industries and NITI Aayog released the second phase of Faster Adoption and Manufacturing of Electric (and Hybrid) vehicles (FAME) policy that ended subsidy for private buyers of electric four-wheelers. Industry experts say this acted as a catalyst for the company's decision to pull the plug on its plan.