Ola signs MoU with TN govt. in its bid to open electric scooter factory in State

 Ola Electric has said that it will make two million electric scooters at Hosur, Tamil Naduatan an investment of Rs 2,354 crore. The company is gearing up to launch its first range of electric scooters in the coming months.

This would displace Honda’s Vithalpur facility in Gujarat which makes 1.2 million units of petrol-powered scooters a year. The factory will produce Ola’s upcoming range of two-wheeler products, starting with its electric scooter.

On this, Ola has signed a memorandum of understanding (MoU) with the state government for the factory. The company’s pact was part of 18 MoUs signed by the TN government, worth a cumulative investment of Rs 19,995 crore with the potential to create more than 26,500 jobs.

The Ola investment will create nearly 2,200 jobs, it is understood. The company’s pact was part of 18 MoUs signed by the TN government worth a cumulative investment of Rs 19,995 crore with the potential to create more than 26,500 jobs.

Ola chairman and group CEO Bhavish Aggarwal said, ‘‘We are excited to announce our plans to set up the world’s largest scooter factory. 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.”

The Ola Factory will help galvanise India's electric vehicle ecosystem and establish the country as a key player in the EV manufacturing space. Its factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America and a host of other countries.