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

Renowned Folk Singer Sharda Sinha Passes Away At 72; PM Modi Expresses Condolences

PM Modi expressed sorrow over Sinha’s death. "The passing of Sharda Sinha ji is deeply…

6 hours ago

US Election: India Confident Of Strong US Relations And Quad Continuity, Says Jaishankar

Jaishankar noted that the US-India relationship has flourished under both Democratic and Republican leadership, including…

7 hours ago

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

8 hours ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

9 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

10 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

10 hours ago