Ola Electric Mobility Pvt Ltd signed a memorandum of understanding committing investments worth Rs 7,614 crore with the Government of Tamil Nadu in the presence of Chief Minister M K Stalin
Electric vehicles firm Ola Electric on Saturday committed investments to the tune of Rs 7,614 crore in Tamil Nadu to roll out electric light motor vehicles days after the state government unveiled its electric vehicle policy to boost the industry. The investments include setting up of lithium-cell manufacturing facilities with capacity of 20 GW while the overall investments by Ola Electric would generate 3,111 new jobs in the state, the Tamil Nadu government said.
Recently, the Tamil Nadu government unveiled its electric vehicle policy 2023 which aims to garner investments to the tune of Rs 50,000 crore and generate 1.50 lakh jobs, in a boost to the EV industry. Ola Electric Mobility Pvt Ltd signed a memorandum of understanding committing investments worth Rs 7,614 crore with the Government of Tamil Nadu in the presence of Chief Minister M K Stalin, an official release here said.
"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," Guidance Tamil Nadu, the nodal agency to boost investments set up by the government said. "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 India Co-founder and CEO Bhavish Aggarwal said, "Ola will set up the world's largest EV hub wit 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," he said in a tweet.
Ola Electric has drawn up aggressive plans in the domestic market with the launch of slew of models including electric cars and motorcycles and opening up of 500 experience centres across the country by March. At an event held at the Secretariat, Stalin inaugurated the state-of-the-art research and development centre set up by GX India Pvt Ltd, the Indian subsidiary of Europe-based GX Group at an outlay of Rs 110 crore that would generate 110 new jobs in hi-tech engineering.
GX Group is Europe's market leader in fiber-to-the-home (FTTH) products. The company had signed a memorandum of understanding with the state government in July 2022 for setting up the R&D Centre. "The swift implementation of this project is a testament to the State's relentless dedication to fostering innovation, driving economic growth, and creating employment opportunities," Guidance said.
The chief minister also inaugurated the 200 TPD Ultra-high pure medical oxygen manufacturing unit set up by the INOX Air Products at State Industries Promotion Corporation of Tamil Nadu (SIPCOT) in Hosur, Krishnagiri district. The facility has been set up at an investment of Rs 100 crore that would generate 105 new jobs in the region, the release said. Stalin on the occasion, also laid the foundation stone for the construction of the Mini Information Technology Park at Melmonavur, Abdullapuram in Vellore district.
The four-storeyed Mini IT Park is being set up at an investment of Rs 30 crore spread on a 60,000 sq ft land. This facility would enable youngsters particularly women in the vicinity to secure jobs in their home town itself. The setting up of the Mini IT Park follows the announcement made by the DMK government in the Budget 2021-212 to set up such facilities in tier II and III locations.
Minister for Water Resources Duraimurugan, Industries Minister Thangam Thennarasu, Chief Secretary V Iraianbu, industries department additional chief secretary S Krishnan and a host of senior government officials were present on the occasion.