Ola Electric Mobility has committed to spending Rs 7,614 crore in Tamil Nadu to build electric motor vehicles. Days have passed since the state government’s announcement of its strategy to support the sector.
The Tamil Nadu government claims that these investments will allow Ola Electric to build 20 GW worth of lithium-cell manufacturing facilities. In addition, 3,111 new jobs would be added to the State as a result of Ola Electric’s overall investments.
The government of Tamil Nadu recently unveiled its 2023 electric vehicle policy. It intends to bring in up to Rs 50,000 crore in investments and generate 1.50 lakh jobs. This gives the EV sector a significant boost. Ola Electric Mobility Pvt Ltd formally agreed to make investments totaling Rs. 7,614 crore with the Tamil Nadu government.
Guidance The project includes both a plant for making electric four-wheelers and electric vehicle cells, according to Tamil Nadu (the nodal agency for government investments). Up to 3111 people will gain employment as a result of this. According to the instructions, this MoU and the recently announced EV policy were important steps toward making Tamil Nadu the EV capital of India.
Bhavish Aggarwal, Ola Electric CEO, and Co-founder stated that Ola will create the largest EV hub in the world with integrated two-wheeler and car vehicles. He thanked Chief Minister M K Stalin for the support and partnership by the TN Govt in a tweet.
