Ola Electric to invest Rs 2,400 crore for e-scooter factory plant in Hosur, Tamil Nadu – Business News , Firstpost

Upon completion, the factory will create practically 10,000 jobs with an preliminary annual capability of two million models, it stated in an announcement.

Six months after it acquired the Dutch begin-up Etergo BV, Ola Electric has introduced a Rs 2,400-crore ($320 million) funding plan to arrange an electrical scooter (e-scooter) manufacturing plant in Hosur, Tamil Nadu (India). The SoftBank-backed agency goals to make India a producing hub for electrical autos (EVs). Ola has signed a memorandum of understanding with the TN authorities for this facility. Upon completion, the factory will create virtually 10,000 jobs. It will initially have an annual capability of two million models. Etergo BV is an Amsterdam-based e-scooter gear producer firm.

In a weblog publish media launch, Bhavish Aggarwal, Chairman and Group CEO, Ola, stated, ‘‘We are excited to announce our plans to set up the world’s largest scooter factory. This is a big milestone for Ola and a proud second for our nation as we quickly progress in direction of realising our imaginative and prescient of shifting the world to sustainable mobility options throughout shared and owned mobility. This will likely be some of the superior manufacturing amenities in the world. This factory will showcase India’s ability and expertise to produce world class merchandise that may cater to international markets.”

(Also Read: Indian Government Issues Fresh Guidelines For Cab Aggregators Like UBER, OLA Putting A Cap On Surge Pricing)

In 2019, Ola Electric had raised $250 million from Masayoshi Son’s SoftBank. The funding turned the e-car arm of the trip-hailing aggregator right into a unicorn, or a begin-up valued at greater than $1 billion.

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