Tesla Group and SRAM & MRAM sign deal for battery factories in India

Tesla Group a.s. and SRAM & MRAM Group have entered into a USD 1 billion agreement to establish five battery energy storage system (BESS) gigafactories in India, along with 15 additional facilities in other countries.

The partnership seeks to create one of the largest global supply chains for electric vehicle batteries and storage systems. Tesla Group a.s. will oversee the design, engineering, and construction of the factories, while SRAM & MRAM will handle single-window clearances, government incentives, and local partnerships.

Each planned facility will cover around 500 acres and is expected to support both electric vehicle battery production and broader energy storage infrastructure. According to SRAM & MRAM chairman Sailesh L Hiranandani, the group will be responsible for obtaining approvals, subsidies, tax benefits, and collaborations with local entities.

Nanda K Bhagi, president of Tesla Group a.s., stated that the collaboration would merge advanced BESS technology with SRAM & MRAM’s international presence, positioning the factories to serve both Indian and export markets.

The companies said the initiative is designed to expand global battery energy storage capacity, while also contributing to India’s efforts to build a domestic electric vehicle supply chain and reduce dependence on imported battery technology.