New Delhi: Commercial vehicle maker Ashok Leyland on Monday said it will invest Rs5,000 crore over the next 10 years in the development of next-generation batteries for both automotive and non-automotive applications, including energy storage systems. The initiative will not only provide for the company’s and its subsidiary Switch’s own electric vehicle portfolio, but will also cater to non-captive demand in the entire automotive sector, as well as in the energy storage sector, the Hinduja group flagship said in a statement.

This business would entail investments of more than Rs 5,000 crore over the next 7-10 years, it added. The company said it has entered into a long-term exclusive partnership with CALB Group, one of the foremost battery technology companies in China.