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India's second-richest person, Gautam Adani has registered a new trademark and may soon enter EV business in India. The trademark has been registered for the name 'ADANI', and this name could be used for EVs and the application for the trademark was filed by S.B Adani Family Trust.
According to sources, Adani Group might be initially looking into commercial electric vehicles such as coaches, buses and trucks.
These commercial vehicles will be first put into use for the Adani Group's in-house requirements in places such as airports and ports. This will help the company gather the required data for the successful development of future products by the company.
Sources further indicate that Adani Group has plans to manufacture batteries and also set up electric vehicle charging station infrastructure across the country. This will not only allow the Adani Group to have major control over the EV sector in India, but it will further expand the company in the Group's green projects for the country.
Speaking about green projects, Adani Group already has a strong presence in the renewable energy sector with operations spread across solar and wind power. Apart from that, Adani Group also operates one of the largest Solar power plants in the world.
In fact, Adani Green Energy Limited (AGEL) market capitalisation crossed Rs 3 lakh crore, making the company one of the most valuable in the country surpassing even the likes of Maruti Suzuki, Larsen & Toubro and many more.
In line with India's commitment to achieving net-zero carbon emissions by 2070, Adani Group's primary objective is to increase the shares of the energy generated by renewables by the next decade.
Following the green projects, the Adani Group recently set up another subsidiary, Adani New Industries Ltd (ANIL) and this recently set up subsidiary company will focus on segments green hydrogen generation, low carbon electricity, manufacturing of solar panels, wind turbines and batteries.
Through Adani New Industries Ltd, Adani Group plans to become the world's largest renewable energy company and produce the cheapest hydrogen.
Apart from that, last year, Adani had stated that his group will invest $70 billion in the energy sector in the next ten years.
Thoughts About Adani's Foray Into EV Business
Gautam Adani is the second-richest man in India and his group already is a major player in the renewable energy sector. That being said, Adani Group's foray into the EV business is just another way to inch closer to achieving net-zero emissions.
Apart from that, Adani Group's entry into the EV sector will also spice up the segment considerably.