Anil Ambani’s Reliance Infrastructure is reportedly gearing up to challenge his brother Mukesh Ambani by entering the electric vehicle market. The company, according to a Reuters report, has hired former BYD executive Sanjay Gopalakrishnan as a consultant to advise on its plans to manufacture electric cars and batteries.
The move sets the stage for a potential head-to-head competition between the Ambani brothers in one of India’s fastest-growing sectors.
Reliance Infrastructure is conducting a cost feasibility study for building an EV plant with an initial capacity of 250,000 vehicles a year, which could later scale up to 750,000.
The company is also exploring the feasibility of setting up a battery manufacturing plant, starting with 10 GWh capacity and expanding to 75 GWh over the next decade, sources told Reuters.
While the company has not commented on the report, and Business Today cannot independently verify the development, shares of Reliance Infrastructure rose by nearly 2% after Reuters reported the news.
The project, if greenlit, could position Anil Ambani’s firm in direct competition with Mukesh Ambani's Reliance Industries, which is already working on local battery manufacturing and has secured government incentives for 10 GWh of battery cell production.
India’s EV market is still in its infancy, with electric vehicles making up less than 2% of the 4.2 million cars sold last year.