Ola to set up scooter factory in TN, Signs MoU with Govt for investment of Rs 2,400 cr

Mobility platform Ola signed a MoU with the Tamil Nadu Government on December 14 for an investment of Rs 2,400 crore in setting up its first factory in the state.

Upon completion, the factory will create almost 10,000 jobs and will be the world’s largest scooter manufacturing facility, which will initially have an annual capacity of 2 million units, said a press release.

In line with the Prime Minister Mr Narendra Modi’s vision, Ola’s factory is an important step in making an AtmaNirbhar Bharat, said the release. It will catalyse reduction of India’s import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country, the release added.

Ola’s factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America, and more. The company is gearing up to launch the first of its range of electric scooters in the coming months.

Mr Bhavish Aggarwal, Chairman and Group CEO, Ola, said, “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. 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.”