Ola Electric to invest INR 7,614 crores in Tamil Nadu

Ola Electric Mobility Pvt. Ltd. has signed an MoU for investment worth Rs. 7,614 crores with the Government of Tamil Nadu. The project comprises an EV 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.

“Notably, earlier this week, the Government of Tamil Nadu launched the ‘Tamil Nadu Electric Vehicles Policy 2023‘, showcasing the State’s commitment and support for the electric vehicle sector. This MoU and the newly launched 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”, tweeted the Guidance Tamil Nadu handle. Established in 1992, ‘Guidance’ is the Govt. of Tamil Nadu’s nodal agency for investment promotion and single window facilitation.

Bhavish Aggarwal, CEO at Ola Electric, said that Ola will set up the world’s largest EV hub with integrated 2W, Car and Lithium cell Gigafactories in Tamil Nadu.

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