Ola To Invest Rs 2400 Cr In World’s Largest Electric Scooter Factory In India
Chennai: Ride-hailing firm Ola on Monday confirmed its plan to set up the world’s biggest electric scooter factory in Tamil Nadu.
The SoftBank-backed company will invest Rs 2,400 crore and has signed an MoU with the state government. The factory is expected to create 10,000 jobs.
It will have the capacity to build 2 million units a year, making it the largest scooter manufacturing facility as well.
“We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions across shared and owned mobility,” said Bhavish Aggarwal, chairman and group CEO, Ola.
“This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” he said.
As reported earlier, Ola had acquired Amsterdam-based Etergo BV early this year.
It will face competition from Ather Energy, Hero Electric, Bajaj, TVS and other local companies.