Ola on Monday said it has consented to an agreement with the Tamil Nadu government to set up its first electric bike industrial facility worth Rs 2,400 crore in the state.
“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,” a statement issued by the ride-hailing platform read.
Here is all you require to know about the factory:
- The factory plant will create almost 10,000 jobs and will be the world’s biggest scooter manufacturing facility upon completion, reported news agency PTI. The facility will initially have an annual capacity of 2 million units.
- The new assembling plant is booked to be operational in a year.
- Ola said India very much positioned to be a worldwide center for cutting edge manufacturing of electric vehicle (EVs).
- The factory will be one of the most advanced manufacturing facilities in the world, Ola Chairman and Group CEO Bhavish Aggarwal said.
- The plant will cater to customers in markets around the world including Europe, Asia and Latin America.
- 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, as per PTI.