The discussions are at an early stage and talks are currently focused on the Tata group entities that will divest their stakes and also the overall stake which will be sold in the IPO.
Vietnamese electric vehicle (EV) maker VinFast signed an agreement on Saturday to set up its first manufacturing facilities in India, as the ambitious company seeks to penetrate the world's third-largest vehicle market. VinFast and the southern state of Tamil Nadu agreed to work toward an investment of up to $2 billion, with an intended commitment of $500 million for the first five years of the project, according to a joint statement. Construction on the project's EV and battery manufacturing plants is expected to start this year and generate 3,000 to 3,500 jobs locally, the statement said.
VinFast says the Tamil Nadu project is expected to evolve into a first-class EV production hub in the region, with an annual capacity of up to 150,000 vehicles.
Swiss-based producer Glencore, which had been the top producer, gave 2023 cobalt output guidance of 34,000 to 42,000 tons in its third-quarter production report. CMOC is among the Chinese-owned companies aggressively expanding cobalt mining in the Democratic Republic of Congo (DRC). The metal is chiefly used in electric vehicle batteries, the aerospace and chemical sectors.
EVs: The notice, published on Thursday by China s National Development and Reform Commission, calls for the creation of initial technical standards governing new energy vehicle integration into the grid by 2025. New energy vehicles will become an important part of the country s energy storage system by 2030, it said.