Tata Chemicals has no EV plant plan, lines up Rs 5,000-crore capex

Tata Chemicals will not set up a battery plant for electric vehicles (EVs), Tata group Chairman N Chandrasekaran said at the company’s eighty-third annual general meeting held virtually on Wednesday.

Instead, the emphasis would be on expanding its current businesses for which the company, the world’s third-largest soda-ash maker, would invest Rs 5,000 crore in capital expenditure (capex) in the next few years, said Chandrasekaran, who is also the chairman of Tata Chemicals. The 59-year-old executive was responding to shareholders.

Tata Chemicals’ consolidated turnover for financial year 2021-22 (FY22) grew 24 per cent to Rs 12,622 crore over the previous year. The company reported an over threefold growth in profit after tax in FY22 to Rs 1,400 crore, its annual report shows.