In a push to the adaptation of electric vehicles in India and in line with the central government’s goal to have nearly 30% electric vehicles running on Indian roads by the year 2030 for cutting down carbon footprint, Ola Electric has come with good news.
The Indian electric two-wheeler manufacturer has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up the largest electric vehicle hub in the world in the state, in the presence of the state’s Chief Minister M K Stalin.
The Bengaluru-based EV manufacturer will invest a total sum of Rs 7,614 crore in the southern state to roll out electric light motor vehicles following Tamil Nadu government’s launch of electric vehicle policy for boosting the said industry.
The state government had recently launched its electric vehicle policy 2023, aiming to generate investments of almost Rs 50,000 crore in addition to creating jobs to the tune of 1.5 lakh to give a push to the EV industry.
In line with these plans, Tamil Nadu government will be setting up an electric vehicle cell plant or lithium-cell manufacturing facilities having a capacity of 20 GW in the state, with the project reported to be located in SIPCOT Bargur, Krishnagiri District.
The total investment by Ola Electric is expected to create 3,111 new jobs in the state.
“The project comprises an electric vehicle cell plant and an electric 4-wheeler plant to be set up in SIPCOT Bargur, Krishnagiri district generating employment for up to 3,111 people,” said the nodal agency, Guidance Tamil Nadu.
“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 said.
“Ola will set up the world’s largest EV hub with integrated two-wheeler, car and Lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Chief Minister M K Stalin for the support and partnership of the TN Govt,” said the Co-Founder and CEO of Ola India, Bhavish Aggarwal.
