Ola Signs MoU With Tamil Nadu Government
Ola Electric Mobility Private Limited and the Tamil Nadu government signed the Memorandum of Understanding(MoU) on Saturday to make EV cars and lithium-ion cells in the state, in the presence of Tamil Nadu Chief Minister M K Stalin and Ola CEO Bhavish Aggarwal.
Ola Founder and CEO Bhavish Aggarwal tweeted, “Ola will setup the worlds largest EV hub with integrated 2W, Car and Lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon. CM @mkstalin for the support and partnership of the TN govt! Accelerating India’s transition to full electric!”, through his official Twitter handle.
Ola will setup the worlds largest EV hub with integrated 2W, Car and Lithium cell Gigafactories in Tamil Nadu.
Signed MoU with Tamil Nadu today. Thanks to Hon. CM @mkstalin for the support and partnership of the TN govt!
Accelerating India’s transition to full electric! 🇮🇳 pic.twitter.com/ToV2W2MOsx
— Bhavish Aggarwal (@bhash) February 18, 2023
Ola Electric is planning to invest $920 million in Tamil Nadu in the next five years. It is expected to provide jobs for over 3,000 people.
Statement of state government
According to the policy document, “To support this goal, Tamil Nadu aims to electrify the vehicular fleets operating in the State by leveraging its vibrant automotive ecosystem comprising original equipment manufacturers, auto component ancillaries, highly skilled workforce, and robust R&D capabilities”.
The state government stated, “The money will be spent to help manufacture electric cars and batteries for electric vehicles (EVs)”.
The major investment will come through Ola’s subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India. About Rs. 5,100 crores of the Rs. 7,614 crores will go into a cell manufacturing plant. The remaining Rs. 2,500 crores will go into a four-wheeler plant which will have the capacity to manufacture 1.4 lakh cars per annum.
The company’s current facility in Hosur is considered to be one of the world’s largest electric two-wheeler manufacturing units and has seen investments of more than Rs. 2,400 crores.
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