The Tamil Nadu government on Saturday signed a Memorandum of Understanding (MoU) with Ola Electric Mobility Pvt. Ltd., with an investment potential of ₹7,614 crore, in the presence of Chief Minister M.K. Stalin at the Secretariat.
The project comprises an electric vehicle cell plant and an electric four-wheeler plant to be set up on the State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) premises in Bargur, Krishnagiri district, and generate employment for 3,111 people, according to a release.
Earlier this week, the State government had unveiled the Tamil Nadu Electric Vehicle (EV) policy, 2023. It also signed an MoU with Renault-Nissan alliance with plans for making six models including two electric vehicles at its plant near Chennai with an investment of ₹5,300 crore.
Ola will set up the world’s largest EV hub with integrated two-wheeler, car and lithium cell giga factories in Tamil Nadu. Bhavish Aggarwal, CEO, Ola, thanked Chief Minister M.K. Stalin on Twitter for his support.
Ola has indicated that it would provide more jobs for women. The company’s decision to invest in Tamil Nadu shows the confidence they have in the State, Industries Minister Thangam Thennarasu, told The Hindu.
“With the revised EV policy and these MoUs, Tamil Nadu is poised to become the EV capital of India,” V. Vishnu, MD and CEO, Guidance Tamil Nadu, said.
Mr. Stalin also inaugurated Inox Air Products’s 200 TPD ultra-high pure medical oxygen manufacturing unit in SIPCOT, Hosur. The project, with an investment of ₹150 crore, will provide employment for 105 people.
He also laid the foundation stone for a 4.98-acre mini Tidel Park in Vellore district, to be set up at an estimated cost of ₹30 crore. This is a part of the government’s plan to establish Tidel Park in Tier II and Tier III towns across Tamil Nadu, as announced in the State Budget for 2021-22.
Mr. Stalin also unveiled GX Group’s research and development centre in Chennai. The Group had signed an MoU with the State government in July 2022 for setting up the centre, with an investment of ₹110 crore, to employ 100 people in hi-tech engineering jobs.
thehindu.com