Tata Chemical AGM-Won't Setup Battery Plant For EV | ET Now | Latest News | Business News
15Chairman of Tata Sons, N.Chandrasekaran stated in Tata Chemicals AGM that the company will not set up a battery plant for EV and focus on the existing business. Rs 5,000cr Capex has been lined up going ahead. The chemical arm will continue to provide expertise to group companies as far as lithium carbonate is concerned. Lithium carbonate is an important component in EVs. Consolidate consumer operations under the '3S philosophy'-Simplification, Synergy, and Scale.
The stock is down 23 percent from May highs. Demand for soda ash is expected to be muted and gross margins are expected to come down 530 basis points on a year-on-year basis.
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