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Top players, including Hinduja Group and Adani are keen to invest in UP’s electric mobility sector. According to Invest UP officials, Hinduja Group has envisioned a substantial contribution through strategic initiatives by pledging to annual procurement of 2,500 electric buses for a period of three to five years.
The MoU was signed by Servotech's MD Raman Bhatia and UP's Industrial Development Minister Nand Gopal Gupta 'Nandi'. Invest UP CEO Abhishek Prakash and other senior officials of the state government were also present on the occasion.
The manufacturing facility is being set up under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022, the company said in a statement on August 12.
State has the highest e-vehicle registrations in country accounting for around 25% of total EVs on roads across India; as of February 2023, around 4,15,000 EVs were operating in UP
Corporate relocation practices are often overlooked as a means to improve inclusion and diversity in leadership roles.