Ola will set up the world’s largest factory in Tamil Nadu: You just need to know – business news

Ola said on Monday that it had signed an agreement with the government of Tamil Nadu to set up its first electric scooter factory worth 2,400 crore in the state.

“According to Prime Minister Narendra Modi’s vision, the Ola factory is an important step towards making Atmanirbhar India. It will catalyze a reduction of India’s import dependence in a key future sector such as electric vehicles, accelerate local manufacturing, create jobs and improve technical expertise in the country, “said a statement issued by the driving platform.

Here’s everything you need to know about the factory:

– The factory will create nearly 10,000 jobs and will be the world’s largest manufacture of scooters after completion, reported news agency PTI. The facility will initially have an annual capacity of 2 million units.

– The new factory should be up and running in a year.

– Ola said India is well positioned as a global hub for cutting edge electric vehicle (EV) manufacturing.

– The factory will be one of the most advanced manufacturing facilities in the world, said Ola chairman and general manager of the group, Bhavish Aggarwal.

– The plant will serve customers in markets around the world including Europe, Asia and Latin America.

– Ola Electric – Ola’s EV arm – has raised about $ 400 million in funding from Tiger Global, Matrix India, retired president of Tata Sons Ratan Tata and others, according to PTI.