NEW DELHI: A day after Ford announced its exit from India, the government said there were over a dozen entities — existing players as well as new entities — looking to invest upwards of $4 billion in the automobile sector, which will provide a further thrust to domestic production and job creation.
While companies such as Skoda Auto Volkswagen have announced an expansion of their operations, with investments of over $850 million (around Rs 6,250 crore), others such as Kinetic Green Energy are looking to invest $300 million (around Rs 2,200 crore) in the electric mobility space, official sources said.
Others such as C4V, a lithium-ion battery technology company, is investing over Rs 4,000 crore, while Japanese electric manufacturer Nidec too is evaluating an investment of over $200 million.
Besides, Oman’s Bahwan International Holdings has held talks with the government for a potential investment of around $1 billion (Rs 7,350 crore), again in the electric mobility space, which also marks a transition from its initial start as an auto dealer.
Government officials said that India remains an attractive market for automobile investments, and it was the failure of American businesses such as GM, Harley-Davidson and Ford to break into the highly competitive sector.
Five of the players, who have been in talks are still evaluating their plans, but the others have moved ahead and have either commenced production or started construction, while there are three that have acquired land.
While companies such as Skoda Auto Volkswagen have announced an expansion of their operations, with investments of over $850 million (around Rs 6,250 crore), others such as Kinetic Green Energy are looking to invest $300 million (around Rs 2,200 crore) in the electric mobility space, official sources said.
Others such as C4V, a lithium-ion battery technology company, is investing over Rs 4,000 crore, while Japanese electric manufacturer Nidec too is evaluating an investment of over $200 million.
Besides, Oman’s Bahwan International Holdings has held talks with the government for a potential investment of around $1 billion (Rs 7,350 crore), again in the electric mobility space, which also marks a transition from its initial start as an auto dealer.
Government officials said that India remains an attractive market for automobile investments, and it was the failure of American businesses such as GM, Harley-Davidson and Ford to break into the highly competitive sector.
Five of the players, who have been in talks are still evaluating their plans, but the others have moved ahead and have either commenced production or started construction, while there are three that have acquired land.
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