Ola to invest Rs 7,614 crore
IN A CRUCIAL step towards its proposed electric car project, Bhavish Aggarwal-led Ola on Saturday signed a memoran- dum of understanding (MoU) with the Tamil Nadu govern- ment, committing an invest- ment of 7,614 crore for adding manufacturing units that will create employment for up to 3,111 people.
The project comprises an electric four wheeler plant and an EV cell plant of 20GW bat tery manufacturing capacity, to be set up at SIPCOT Bargur in Krishnagiri district of Tamil Nadu. The proposed four- wheeler plant will come up on 200 acres, while the cell plant will be spread across 100 acres. The existing two-wheeler plant is on 500 acres. Ola plans to debut its four-wheeler EVby 2024 with a range of around 500 km on a single charge.
Bhavish Aggarwal, founder & CEO, Ola, tweeted: “Ola will set up the world’s largest EV hub with integrated 2W, car and lithium cell gigafactories: in Tamil Nadu.”