Ola to Setup INR 2,400 Cr. Electric Scooter Factory in Tamil Nadu
Ola Electric Mobility Pvt. Ltd., the EV arm of Ola Cabs, has announced it’s venture in manufacturing of electric scooters. It has signed an MoU with Tamil Nadu government to setup it’s first electric scooter manufacturing unit worth approx. Rs. 2,354 Crore in the state.
The factory is scheduled to be operational by end of 2021. Initially it would be manufacturing around 20 lakh units per year. Ola Electric recently raised about USD 400 million from different investors including Tiger Global, Matrix India, Tata Sons and others.
This venture is expected to generate approx. 2,000+ direct jobs in Tamil Nadu.