EV infra boost! Hero Electric ties up with Government of Punjab
Electric vehicle brand, Hero Electric has announced its collaboration with the Government of Punjab to support and develop the EV infrastructure in the state.
Electric vehicle brand, Hero Electric has announced its collaboration with the Government of Punjab to support and develop the EV infrastructure in the state. The E2W brand will work in conjunction with the government to attract existing and potential players to invest in the state as part of their e-mobility vision.
Through this partnership, the state aims at appealing to manufacturers to not just make in India but, make in Punjab, said Hero Electric in a statement.
Hero Electric recently announced an investment of Rs 700 crore in its R&D, model portfolio, dealer network, localization and its manufacturing facility in Ludhiana.
"Hero Electric has played a major role in India’s goal towards electric mobility and has been an integral part in appealing people to adopt a zero-emission and eco-friendly way of life. As a part of this partnership with the Punjab government, Hero Electric wants to further strengthen its role as a leader in the space by investing in Punjab to develop the state as the EV Hub of India," says E2W brand.
Punjab offers net GST reimbursement for 7 years up to 100% FC, employment subsidy of up to INR 48,000 per year for 5 years and being one of the most well-connected states in India it also offers ease of logistics amongst others.
Additionally, Punjab has robust connectivity and proximity to OEM Clusters in NCR, Haryana and Rajasthan, which account for 60% of India’s total production of two-wheeler segment.
Commenting on the collaboration, Naveen Munjal, MD, Hero Electric said “When I look back, I realize that it was the right decision to set up our first plant in Ludhiana, Punjab. The state has always supported us in all our endeavors, and we have found the right partner in them. The fact that has always enabled Punjab to be ahead of other states, is the its readiness to embrace and promote e-mobility in the state and the number of incentives offered to attract investment from existing and new businesses. I am sure, Hero Electric and the state of Punjab can together make a considerable difference and lead the e-mobility in the country.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.