February 18, 2023

Ola group to invest ₹7,614 cr in Tamil Nadu for lithium ion cell, EV cars

Posted By: ndeeney

Tamil Nadu CM, M K Stalin with Bhavish Aggarwal, Co-Founder at Ola

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Tamil Nadu CM, M K Stalin with Bhavish Aggarwal, Co-Founder at Ola

Ola Electric Mobility Pvt Ltd., the manufacturer of electric vehicles (EVs), and the Tamil Nadu government have signed a Memorandum of Understanding (MoU) to spend Rs. 7,614 crore in the state’s production of EVs and lithium ion cells.

Ola Electric Technologies at Krishnagiri

The Ola Electric Mobility group companies, Ola Cell Technologies Private Ltd and Ola Electric Technologies Private Ltd, would build a plant for lithium ion batteries and another for electric vehicles, respectively, according to the Tamil Nadu government.

According to the state government, Ola Electric Technologies will invest Rs 2,500 crore in the automobile manufacturing and Rs 5,114 crore in the production of lithium cells.

The two plants will come up in Krishnagiri district. Several days ago, the Tamil Nadu government unveiled its new EV industry policy.

“Ola will set up the world’s largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon. CM M K Stalin for the support and partnership of the TN govt! Accelerating India’s transition to full electric!” Bhavish Aggarwal, Co-Founder tweeted.

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