Tata Group has made an investment of Rs 13,000 crore to establish a lithium-ion cell manufacturing unit in Gujarat, says a report published on 2 June 2023. The initial manufacturing limit of the factory would be 20 gigawatts hours, said the channel.
The Government of Gujarat and Agartas Energy Storage Solution have come together to sign a Memorandum of University – MoU in the presence of Gujarat Chief Minister Bhupendra Patel. For the unversed, Agartas Energy Storage Solution is a subsidiary company of the Tata Group.
The manufacturing unit is expected to meet the nation’s increasing demand for lithium-ion batteries. The move comes after the government recently shared how it is making important efforts to promote electric mobility in India.
The Chief Minister tweeted that the project will assist in setting up a lithium-ion cell manufacturing ecosystem in the state of Gujarat. This will in turn create many employment opportunities. In Gujarati language, Gujarat Chief Minister Bhupendra Patel tweeted that the state government commits to a vision to lower carbon emissions by supporting the production of electric vehicles. The dependency on lithium-ion batteries will also raise majorly as EV usage increases, said the CM.
In other news, Tata Group’s CEO Natarajan Chandrasekaran celebrated his 60th birthday yesterday. After serving the Tata Group for 36 years, Chandrasekaran became the youngest CEO in the Tata Group’s history. His life’s mantra is simple yet effective – to just live in the moment and also be prepared for what the future holds.
Meanwhile, the Tata Group has collected funds for its greenfield electronic component and contract manufacturing business for its company Tata Electronics. The funds of over Rs 7,600 crores have been brought through a combination of capital infusion by the parent company along with secured loans, says a media report. Tata Electronics has got more than Rs 608 crore capital infusion in 2022-23 through its holding company Tata Sons, says a report.
This was the biggest capital infusion in just one financial year, which makes the total capital infusion Rs 1,820 crores in the last 3 years. The report also suggested that the authorized capital of the company is said to be Rs 2,000 crores and the company as per the filings has raised secured loans of Rs 5,799 crores till now.
In recent news, Tata Consultancy Services – TCS has warned its employees to complete at least 12 days of work from the office with immediate effect. The company has been reportedly sending memos to its employees to come back to offices and resume their work because they want the employees to explore the office campuses and bring a more vibrant energy to the table to work collaboratively. If the employees fail to complete the mandate, then they can face pay cuts in the near future.
In the Indian IT sector, TCS is the first company to call its employees back to offices strictly in the post-COVID-19 world. Others like Infosys have also encouraged employees to work from offices but they have not made it a mandate.