Technology Development Board invites start-ups, EV players to submit investment proposals  

Our Bureau | Updated on: Jun 24, 2022

Plans afoot to launch ₹1,000 crore Private-Public Partnership model for funding start-ups, says TDB Secretary Rajesh Kumar Pathak

Chennai, June 24 

With a favourable ecosystem for electric vehicle makers, Tamil Nadu is emerging as an EV hub in the country, said Hans Raj Verma, Chairman & Managing Director, Tamil Nadu Industrial Investment Corporation Ltd. 

Unlike other States, Tamil Nadu has two auto and electronic industrial clusters complementing and supporting each other. While the Sriperumbudur cluster has auto majors such as Hyundai, and Nissan and electronic majors such as Foxconn, the second one that is emerging is the Hosur-Krishnagiri-Dharmapuri cluster where new-age EV players like Ola and Ather, among others, have established their operations. The State Government welcomes EV companies to set up shop and is willing to assist them in every possible way,” he said at the EV Summit 2022 organised by the Tamil Nadu Technology Development & Promotion Centre of Confederation of Indian Industry (CII) with the theme “Indigenisation of EV Supply Chain in India” here. 

Supporting disruptive technology

Rajesh Kumar Pathak, Secretary, Technology Development Board, Department of Science & Technology, Government of India said that “The Technology Development Board was looking to fund and support disruptive technology including the EV Space.” 

“We welcome start-ups including those in the EV domain to share their proposals as the ₹1,000 crore Private-Public Partnership model for funding start-ups which would be launched shortly,” he added.  

Mahesh Babu, Chairman - EV Summit and Director & Chief Executive Officer, Switch Mobility pointed out that the outlook for EVs is bright as the sector has seen the evolution of several trends that are defining the growth of EVs. “EV adoption can be seen across different vehicle segments as well as business segments. The electrification of vehicles has started gaining momentum and has opened new mobility avenues for India to tap into. India is all set to position itself as one of the leading marketplaces for Electric Vehicles,” he added. 

Discussing that India is a very different market when compared to other countries, V Sumantran,  Director, Switch Mobility Ltd stated that the potential for electrification in the two-wheeler space should be tapped further as Indians use more two-wheelers compared to other vehicles. “To build a stronger ecosystem, companies should talk to each other, resulting in an exchange of ideas. A consortium should be formed to help the domain grow at a faster pace,” he felt. 

Published on June 24, 2022
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