Business

Ola To Set Up World’s Largest EV hub In Tamil Nadu, Signs MoU With 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 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.

Also read: Smriti Mandhana Named RCB Captain For Women’s Premier League

Spriha Rai

Recent Posts

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

1 hour ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

2 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

3 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

4 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

4 hours ago

Avoid Rhetoric That Vitiates Atmosphere, Ensure Safety Of Hindus In Bangladesh: PM Modi Tells Yunus

Prime Minister Narendra Modi called on Bangladesh to bring perpetrators of atrocities against Hindus and…

5 hours ago