OLA Electric Mobility Private Limited has signed a Memorandum of Understanding (MOU) with the Tamil Nadu government to set up the manufacturing of electric cars and electric batteries.
Ola CEO Bhavish Aggarwal tweeted “Ola will set up the world's largest EV hub with integrated 2W, Car and Lithium cell Gigafactories in Tamil Nadu”.
OLA Electric is planning to invest Rs 7,614 crore in Tamil Nadu through its subsidiaries, Ola Electric Technologies and Ola Cell Technologies to ride the EV wave in India.
The investment is estimated to create over 3,000 employment opportunities in the state.
The electric mobility company plans to invest Rs 5,100 crore towards an electric cell manufacturing plant and the remaining Rs 2,500 crore in setting up manufacturing for 4-wheelers as reported by Business Today.
The report of Ola’s investment follows Tamil Nadu’s new policy announcement for EV manufacturing in the state on February 15. The policy aims to attract Rs 50,000 crore in investment and generate 1.5 lakh jobs as reported by Economic Times.
The Softbank-backed startup has transitioned from a ride-hailing app to an electric mobility manufacturer. Ola Electric, the subsidiary of Ola Cabs and ANI Technologies Private Limited is an active player in the electric scooter market with its flagship scooters OLA S1 and S1 Air.
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