Ola group to invest Rs 7,614 cr in TN for lithium ion cell, EV cars

CHENNAI: Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 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.

"Ola will set up the world's largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon.CM@mkstalin for the support and partnership of the TN govt! Accelerating India's transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted.