CG Power and Industrial Solutions Ltd. (CGPISL), bitten by the electric vehicle mobility virus, has prioritized the manufacture of motors for electric vehicles and has started to acquire some existing players.
“This is certainly a priority area for us. We continue to work to see how we can meet the needs of electric vehicles,” said N. Srinivasan, MD, during an analyst call.
Responding to a question, he said company officials are in talks with some existing players to explore how they can develop motors for electric vehicles. At the same time, he also ruled out getting into battery production for electric vehicles.
“We talk to a lot of people. We also do development work. Nothing concrete has come to disclose or discuss,” he said.
Mr. Srinivasan also said that the company is capable of producing motors for electric vehicles, be it for groups or non-groups. Since the company has some skills, it would be used to meet the market demands.
He also said the company has received an order for Vande Bharat trains. However, he did not elaborate.
“When we have created our references in the future, we will be ready and fit to participate in the tenders after two years. Then we might be able to fight against all our competitors who are big players like Alstom or Medha and Siemens,” he said.
CGPISL has two manufacturing facilities for transformers – one in Bhopal for power transformers and another in Gwalior for distribution transformers. Capacity expansion at these two plants is under scrutiny, said Mukul Srivastava, president of Power Systems.