MARCH 20249TOP STORIESSHRISHTI DEVELOPMENT TO ESTABLISH A 1,000 ACRE TOWNSHIP IN ASSAMBYD TARGETS TO CAPTURE 90 PERCENT OF INDIA'S EV MARKET BY END OF 2024Shristi Infrastructure Development Corporation, a developer based in West Bengal, plans to invest Rs 4,000 crore in establishing a 1,000-acre township in Guwahati, Assam, as stated by Sahil Saharia, the company's CEO, to ET.Having already developed a township in Asansol, the company aims to expand its real estate footprint in cities like Jaipur, Haridwar, Rishikesh, Alibaug, and Sonepat. Land has already been finalized in Alibaug and Guwahati, with discussions in advanced stages for other cities.Saharia emphasized the benefits of township developments in tier two cities, noting their potential to enhance residents' quality of life through improved infrastructure, better roads, utilities, and public amenities like parks and community centers.The company's first township in Asansol, executed by Bengal Shristi Infrastructure Development Ltd, encompasses apartments, group housing, plots, bungalows, and a central business district. The central business district includes a shopping mall with a multiplex, an Odyssey club, a modern commercial block, and healthcare facilities. Chinese electric vehicle manufacturer BYD is aiming to capture 90percent of the electric vehicle (EV) market in India by the end of the year, particularly focusing on the EVs priced above Rs 30 lakh. BYD India recently introduced its electric sedan, SEAL, priced between Rs 41 lakh and Rs 53 lakh. The company is also working on obtaining homologation certification from ARAI for its electric SUV, Atto 3, which will remove the restriction on importing more than 2,500 units.Homologation is the certification process ensuring vehicles comply with government-specified roadworthiness standards for all vehicles manufactured or imported into the country.BYD India's Senior Vice President of Electric Passenger Vehicle Business, Sanjay Gopalakrishnan, expressed the company's target of covering 90percent of the Indian EV market by the end of the year. This entails establishing a presence in major towns and tier I cities where EV penetration and sales are high.Currently, BYD India's passenger vehicle division operates a dealership network with 24 showrooms across 21 cities, selling the BYD ATTO 3 and the e6. The company aims to strengthen its position in the luxury EV segment priced above Rs 30 lakh, where it is already the market leader.Gopalakrishnan addressed the government's rejection of BYD's plans for a $1 billion manufacturing plant in Hyderabad, stating that the company is adapting to demand within government regulations. He emphasized that BYD is playing within the Rs 30 lakh-plus category, acknowledging it as a limited market while striving to meet demand and adhere to regulations.
< Page 8 | Page 10 >