Ola has signed with the state government a memorandum of understanding (MoU) for the factory, which will involve investment of 2,354 crores. Ola’s investment will create nearly 2,200 jobs, the state government said. Ola’s pact was part of 18 MoUs signed by the TN government, with a cumulative investment value of 19,995 rupees with the potential to create more than 26,500 jobs.
Bhavish Aggarwal, chairman of Ola and director of the group, said: “We are pleased to announce our plans to set up the world’s largest scooter. This will be one of the most advanced manufacturing facilities in the world. This factory will show the skill and India’s talent to produce world-class products that will serve global markets. ”The factory will produce Ola’s next range of two-wheel products, starting with its electric scooter. “Ola plans to bring many such design and software innovations to its entire two-wheeled product line,” the company said.
The Ola factory will help “galvanize India electric vehicle (EV) ecosystem and establish India as a key player in the manufacturing of EV, ”added Ola.“ Ola’s factory will serve customers not only in India but in markets around the world, including Europe, Asia, Latin America and more, and the company is preparing to launch the first of its range of electric scooters in the coming months, ”the statement added.
Earlier this year, Ola announced plans to hire more than 2,000 people for its electricity business. Recently the company roped in General Motor veteran Jose Pinheiro to head its global manufacturing and operations operations.
Among the other companies that have pledged investments in Tamil Nadu are Torrent Gas (to invest Rs 5,000 crore), US First Solar (Rs 4,185), Society for Smart Electric Mobility (Rs 2,500) and Volts (Rs 1,001 crore). These are in a variety of sectors, from electric vehicles to solar and wind power, automotive components, medicines, urban gas supply, e-education to textiles.