- Tuesday, March 04, 2025
By: Shubham Ghosh
Ola Electric, backed by the SoftBank Group, is set to invest Rs 76.14 billion (£764.2 million) in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a statement from the state government said on Saturday (18), Reuters reported.
The company will invest the money through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.
The company’s cumulative production numbers went more than 100,000 in November, and it plans to make annually 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment.
Ola already makes e-two wheelers in the state.
In September last year, Ola said it was looking to expand into countries in Latin America, ASEAN and European Union after entering Nepal, India’s northern neighbour.
Tamil Nadu, which accounts for nearly a third of India’s automotive exports, is looking to boost EV manufacturing and is waiving road tax, registration charges and permit fees for EVs, a policy unveiled this week said, Reuters added.
