Bhavish Aggarwal says Ola Electric's new hub to employ 25,000 workforce: Report

Ola Electric's upcoming electric vehicle hub in Krishnagiri district, Tamil Nadu, has the potential to engage a workforce of 25,000 once it becomes fully operational, Moneycontrol reported.  

Speaking at the Global Investors Meet 2024 in Chennai, Bhavish Aggarwal, Co-founder and CEO of Ola Electric, announced that the EV hub will be operational starting next month.

The EV hub is spread across 2,000 acres, which will also have a vendor and supplier network besides manufacturing capacity.

In June 2023, Ola Electric revealed plans to establish an EV hub in Tamil Nadu, which will include the Ola Future Factory for electric vehicle manufacturing and a gigafactory with co-located suppliers.

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“We were able to set up one of India’s largest two-wheeler manufacturing facilities, which we call the Future Factory, in just eight months in Tamil Nadu... This will be India’s first gigafactory, with a capacity of 100 GwH full-scale, and our two-wheeler manufacturing capacity with an envisioned capacity of 10 million units a year,” Aggarwal said as per the report. 

Last month, the electric mobility startup submitted its draft red herring prospectus (DRHP) to the SEBI. The impending IPO will consist of a fresh issue of equity shares amounting to Rs 5,500 crore and an offer for sale featuring 95.2 million equity shares at a face value of Rs 10.

The two-day Tamil Nadu Global Investors Meet commenced on January 7 at the Chennai Trade Centre.

(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric.)