EV hub in Bargur: Ola inks deal with Tamil Nadu govt to invest Rs 7,614 crore

The setting up of the mini IT park follows the announcement of DMK government in the 2021-22 budget.
Image used for representational purpose only. (Photo | PTI)
Image used for representational purpose only. (Photo | PTI)

CHENNAI: OLA Electric Mobility on Saturday signed a memorandum of understanding (MoU) for investment worth Rs 7,614 crore with the Tamil Nadu government to set up an electric vehicle hub at Bargur in Krishnagiri district with an integrated two-wheeler, four-wheeler and lithium cell gigafactories. The hub, which is expected to generate jobs for 3,111 people, will be the world’s largest of its kind, Ola India co-founder and CEO Bhavish Aggarwal said.  

The MoU was signed in the presence of Chief Minister M K Stalin. It is a significant step in meeting TN’s goal to become the EV capital of India by building on its reputation as the country’s automotive capital.  Under the MoU, subsidiaries Ola Cell Technologies Pvt Ltd will invest Rs 5,114 crore for setting up the lithium cell manufacturing plant while Ola Electric Technologies Pvt Ltd will invest Rs 2,500 crore over the next five years. With this investment, the company aims to set up an electric 4-wheeler plant capacity for 1,40,000 units per annum and a 20 GWh capacity gigafactory.

The also CM inaugurated the 200TPD ultra-high pure medical oxygen manufacturing unit of INOX Air Products in SIPCOT Hosur with an investment outlay of Rs 100 crores and job opportunities for 105 people. He then inaugurated GX India Private Limited’s state-of-the-art Research and Development Centre in Chennai.

The Centre has an investment outlay of Rs 110 crore. It will employ 100 people in hi-tech engineering jobs. The R&D centre is the result of an MoU signed in July 2022 between the TN government and GX Group, Europe’s market leader in Fiber-to-the-Home (FTTH) products.

“The swift implementation of this project is a testament to the state’s dedication to fostering innovation, economic growth, and creating employment opportunities,” Guidance, the government’s nodal agency to boost investments, said. Stalin laid the foundation stone for the construction of the mini IT park at Melmonavur in Vellore. The four-storeyed mini IT park is set up at an investment of Rs 30 crore and is spread over a 60,000 sq ft. This facility would enable youngsters, particularly women, in the vicinity to secure jobs in their hometown. The setting up of the mini IT park follows the announcement of the DMK government in the 2021-22 budget.

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