Ride-hailing platform Ola on Monday said it has inked an agreement with the Tamil Nadu government to invest Rs 2,400 crore for setting up its first electric scooter factory in the state.
Upon completion, the factory will create nearly 10,000 jobs and will be the world's largest scooter manufacturing facility that will initially have an annual capacity of 2 million units, a statement said.
"In line with Prime Minister Narendra Modi's vision, Ola's factory is an important step in making an Atmanirbhar Bharat. It will catalyse reduction of India's import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country," it added. Ola said India with its unique skill-sets, manpower and demography, is well placed to be a global hub for cutting edge manufacturing of electric vehicle (EVs).
Ola's factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America and others, the statement said. The company is gearing up to launch the first of its range of electric scooters in the coming months.
The new manufacturing plant - expected to be operational in a year's time - aligns with Ola's global vision to move mobility into a more sustainable, accessible and connected future.
Ola Electric - the EV arm of Ola - has raised about USD 400 million in funding from Tiger Global, Matrix India, Tata Sons Chairman Emeritus Ratan Tata and others.
(With inputs from PTI)