Ola Electric pledged to invest Rs 7,614 crore over the next five years to expand its massive production unit at Pochampalli in Tamil Nadu’s Krishnagiri district to manufacture cells that go into electric vehicles (EV) and four-wheelers.
SoftBank Group-backed Ola Electric is planning to invest $920 million (Rs 7,614 crore) in Tamil Nadu in the next five years. The money will be spent to help manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday.
The major investment will come through Ola’s subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India. It is expected to provide jobs for over 3,000 people.
Of the Rs 7,614 crores, as much as Rs 5,114 crore will go into the cell manufacturing plant as Indian EV manufacturers make a push to reduce their dependence on imports from countries like China. The remaining Rs 2,500 crore will go into the four-wheeler.
Bengaluru-based Ola has already invested Rs 2,400 crore in the facility, touted to be the world’s largest scooter factory employing only women. The unit currently manufactures Ola’s electric two-wheelers, whose sales have picked up in the past few months.
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