Ola to invest Rs 7,614 Cr in Tamil Nadu plant
Ola's MoU with the TN government and the state government's new EV policy will boost the EV sector in the state.
Electric Vehicle firmhas committed investments of Rs 7,614 crore to the Tamil Nadu plant to produce electric light motor vehicles. The announcement came days after the state government unveiled its new electric vehicle policy.
With the new electric vehicle policy 2023, the state aims to garner investments of over Rs 50,000 crore and generate 1.50 lakh jobs.
"This MoU and the newly launched (EV) policy are a significant step towards Tamil Nadu's transition to becoming the EV capital of India, building upon its existing reputation as the automotive capital of India," Guidance Tamil Nadu, the nodal agency to boost investments set up by the government said.
Ola plans to set up an electric vehicle cell plant and an electric four-wheeler plant in the Bargur district of Krishnagiri. The Tamil Nadu government said that Ola's investments would generate 3,111 new jobs in the state.
"Ola will set up the world's largest EV hub with integrated two-wheeler, car, and Lithium cell Gigafactories in Tamil Nadu," said Bhavish Aggarwal, Founder and CEO, Ola.
"Signed MoU with Tamil Nadu today. Thanks to Chief Minister M K Stalin for the support and partnership of the TN Govt," he said in a tweet.
Edited by Affirunisa Kankudti