Magenta to pump in Rs 250 crore for setting up manufacturing unit in Tamil Nadu

Start-up electric vehicles charge point operator Magenta on Tuesday said it will invest about Rs 250 crore to set up a manufacturing unit in Tamil Nadu.

The plant will focus on design, product development and architecture standards for EV (electric vehicles) technologies in the e-mobility space, the company said in a statement.

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Magenta has signed a memorandum of understanding (MoU) with the state government at the Tamil Nadu Investment Conclave 2021 held in Coimbatore to invest in building the EV charging infrastructure in the state, it added.

Magenta Managing Director and CEO Maxson Lewis, "Skilled workforce, strong infrastructure, coupled with a government having a progressive and investor-friendly approach, makes the state poised to become the next EV hub in the country."

With the new manufacturing plant plans in Tamil Nadu, Magenta will provide job opportunities to local communities within the region and create around 500 jobs in the next two years in Tamil Nadu.

Besides, over 1,600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years, the company added.