Ola group to invest Rs 7,614 crore in Tamil Nadu for lithium-ion cell, EV cars
According to the Tamil Nadu government, Ola Electric Mobility`s group companies -- Ola Cell Technologies Private Ltd and Ola Electric Technologies Private Ltd -- will set up the lithium-ion cell plant and EV car plant respectively.
Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 7,614 crore to make EV cars and lithium-ion cells in the state.
According to the Tamil Nadu government, Ola Electric Mobility`s group companies -- Ola Cell Technologies Private Ltd and Ola Electric Technologies Private Ltd -- will set up the lithium-ion cell plant and EV car plant respectively.
Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said.
Also Read: Ather Energy aims to install 2,500 charging stations by this year-end
The two plants will come up in the 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@mkstalin for the support and partnership of the TN govt! Accelerating India`s transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
04:14 PM IST