On February 18, 2023, Ola Electric Mobility Pvt Ltd (OEM) and the Tamil Nadu government signed a Memorandum of Understanding (MoU) to establish a cell manufacturing plant and an electric 4-wheeler manufacturing plant in SIPCOT Pochampalli, Bargur, and Krishnagiri district for a combined investment of INR 7,614 crore.
Ola Cell Technologies Pvt Ltd and Ola Electric Technologies Pvt Ltd, subsidiaries of OEM, will establish the manufacturing facilities.
Ola Cell Technologies and Ola Electric Technologies would each contribute INR 5,114 crore and INR 2,500 crore respectively over the course of five years to the entire investment. The new manufacturing facilities will provide direct employment for 3,111 persons.
With this investment, Ola Electric Mobility targets to install an electric 4-wheeler plant capacity of 1,40,000 units/annum and 20 GWh capacity Giga Factory.
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