Ola Electric to invest INR 7,600 crore in Tamil Nadu for EV and Cell manufacturing facilities

Bhavish Aggrawal’s Ola Electric plans to invest slightly more than INR 7,600 Cr in setting up manufacturing facilities in Tamil Nadu to manufacture electric vehicles (EVs), EV components, and batteries.

According to an ET report, Ola Electric signed a memorandum of understanding (MoU) with the government of Tamil Nadu to that effect. In the southern state, the EV manufacturer intends to construct two facilities: an advanced cell chemistry (ACC) plant under the Union government’s production-linked incentive (PLI) scheme and a four-wheel EV plant. According to a state government official cited by the publication, the two plants would cost around INR 5,100 Cr and INR 2,500 Cr, respectively.