Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars
Feb 18, 2023, 14:59 IST
- Ola Electric Mobility Private Ltd. has signed a MoU with the Tamil Nadu government to invest ₹7,614 crore.
- According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and Ola Electric Technologies Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively.
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Chennai, Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹7,614 crore to make EV cars and lithium ion cells in the state.According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and Ola Electric Technologies Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively.
The Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said.
The two plants will come up in Krishnagiri district.
Several days ago, the Tamil Nadu government unveiled its new EV industry policy.
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