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Maharashtra’s new EV policy to offer the right impetus for GG Engineering next level of growth

Maharashtra’s new EV policy to offer the right impetus for GG Engineering next level of growth

Udaipur : BSE listed, G G Engineering has hailed the new progressive Electric Vehicle Policy unveiled by the Maharashtra government. The policy is pro-manufacturing companies as it plans to attract EV manufacturing companies and allied businesses to the State by offering incentives to industries as well as to consumers. Under this initiative, the government has allocated Rs. 930 crores for promotion and developing an overall EV ecosystem in the state till 2025.

GG Engineering had recently announced the launch of its new product line, the EV Charging Station. With a view to expanding its product line, the company has developed an EV Charging station from 3 KW to 22 KW. The company will commence manufacturing of EV Charging stations. These stations shall be used to charge 2/3/4 wheeler vehicles. The production and distribution network will start in 3 months. The product will be completely “Made in India”.

Maharashtra government aims of making electric vehicles achieve a 10 percent share of total registrations by 2025, among others. As per the Policy, the state government targets 25 percent EV adoption in public transport and last-mile delivery vehicles in six key cities — Mumbai, Pune, Nagpur, Aurangabad, and Nashik in the stipulated time. In addition, the government also aspires to deploy an all-electric fleet in government vehicles starting from April 2022.

Furthermore, under the policy, the government will offer incentives to set up 2,500 charging stations in key cities and major highways in the state through subsidy incentives. Also, new real estate projects will be mandated to set up EV charging-ready parking sites, as per the policy.

The new policy provides a boost for battery production. The government is all set to establish at least one Gigafactory in the state for producing advanced chemistry cell batteries. The revised EV policy encourages innovation, research and development, and skill development.

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