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OLA to invest $920 Mn in TN to set up world’s largest EV hub

OLA to invest $920 Mn in TN to set up world’s largest EV hub

With its subsidiaries Ola Electric Technologies and Ola Cell Technologies, Ola Electric Mobility inked the agreement (OET).

In order to do this, Ola may invest roughly Rs 7,614 crore, generate 3,111 jobs, and transform its site into the largest EV hub in the world with giant plants for lithium cells, two-wheelers, and cars. The company’s ambitions to expand at its Pochampalli facility include the new investment.

Ola Electric Mobility inked the agreement on Saturday on behalf of its affiliates Ola Cell Technologies (OCT) and Ola Electric Technologies (OET). About Rs 5,114 crore of the total investment would go towards the cell production facility, and the remaining Rs 2,500 crore will be used to fund the four-wheeler manufacturing facility.

The Tamil Nadu Electric Vehicles Policy 2023 offers manufacturers incentives such as advanced chemical cell subsidies, investment or turnover-based subsidies, and a 100% reimbursement of state goods and services tax (SGST).

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