Ola signs MoU with TN for Rs 2,400 Cr investment to set up world’s largest scooter factory
Ola says its new factory is an important step towards an Aatmanirbhar Bharat, in line with Prime Minister Narendra Modi’s vision. The factory will create more than 10,000 jobs, and will have an annual capacity of two million units.
Bengaluru-based ride hailing unicorn Ola's EV arm announced that it had signed an MoU with the Government of Tamil Nadu for an investment of Rs 2,400 crore to set up one of the world's largest scooter factories in the state. This will be the company's first factory in Tamil Nadu.
The company said Ola’s factory was an important step in making an Aatmanirbhar Bharat in line with Prime Minister Narendra Modi’s vision. The factory will create over 10,000 jobs, and will have an annual capacity of two million units.
This factory will cater to customers not only in India, but markets around the world, including Europe, Asia, Latin America, and more. The company is gearing up to launch the first of its range of highly anticipated electric scooters in the coming months.
Bhavish Aggarwal, Co-founder and CEO, Ola
On the growth track
Bhavish Aggarwal, Chairman and Group CEO, , said, ‘‘We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions across shared and owned mobility.
"This [factory] will be one of the most advanced manufacturing facilities in the world. [It] will showcase India’s skill and talent to produce world-class products that cater to global markets.”
A press statement said this was a view towards reduction of India’s import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs, and improve the technical expertise in the country.
This factory will focus on producing Ola's new range of two-wheelers starting with the electric scooter. This scooter has already won several design and innovation awards around the world, including the Marketing Innovation award at CES and the German Design Award.
The scooter has a unique removable banana battery that is easy to carry and can be charged anywhere as well as intelligent software that elevates the entire consumer experience. Ola plans to bring many such design and software innovations to its entire product line of two-wheelers as they come to market in the coming months.
Last week, Ola announced that it would be bringing its electric two-wheeler range to New Zealand. Earlier, it announced plans to hire more than 2,000 people for its electric business as it rapidly builds a suite of electric and smart urban mobility solutions for consumers around the world. The company has roped in General Motor Veteran Jose Pinheiro to head its global manufacturing and operations.
Edited by Teja Lele
