Ola Electric to invest ₹7,614 crore in setting up EV battery cell, 4-wheeler manufacturing plants in Tamil Nadu.

Ola Electric Mobility Pvt Ltd. (OEM), recently signed an MoU with the Tamil Nadu government to set up a cell manufacturing plant and electric 4-wheeler manufacturing plant in SIPCOT Pochampalli, Bargur, Krishnagiri district at a combined investment of ₹7,614 crore. 

The manufacturing facilities will be set up through OEM’s subsidiaries Ola Cell Technologies Pvt Ltd. and Ola Electric Technologies Pvt Ltd. 

In a press release, the Tamil Nadu government said, of the total investment, Ola Cell Technologies will invest ₹5,114 crore and Ola Electric Technologies ₹2,500 crore, respectively over 5 years. The new manufacturing facilities will provide direct employment for 3,111 persons. 

With this investment, Ola Electric Mobility targets to install an electric 4-wheelers plant capacity of 1,40,000 units/annum and 20 GWh capacity GigaFactory.  The MoU was exchanged in the presence of Tamil Nadu chief minister MK Stalin and Ola CEO Bhavish Aggarwal. 

The chief minister also laid the foundation stone for a 4.98-acre mini Tidel Park in the Vellore district at an estimated cost of ₹30 crore. He also inaugurated an ultra-pure liquid medical oxygen production plant of Inox Air Products at an estimated cost of ₹150 crore. Further, the chief minister also unveiled GX Group’s ₹110 crore research and development centre at Chennai’s Thoraipakkam. 

HBL