TN inks MoU with Ola for EV car, lithium cell manufacture

CHENNAI: The State government on Saturday signed a Memorandum of Understanding with Ola Electrical Mobility Private Limited worth Rs 7,614 crore for manufacturing electric cars and lithium cell Gigafactories in the state.

Chief Minister M K Stalin also inaugurated several finished projects and laid the foundation stone for some new projects, including a new mini Tidel park in Vellore district.

As per the MoU signed in the presence of the Chief Minister between the government and Ola Cell Technologies Private Limited (OCT) and Ola Electricity Technologies Private Limited (OET), both subsidiaries of Ola Electric Mobility Private Limited, the firm has committed to an assured investment of Rs 7,614 crore, including Rs 5,114 crore by OCT for developing lithium cell gigafactories (EV batteries) in the state. The two proposed projects, which would come up at the industrial park at Bargur in Krishnagiri district, would generate 3,111 jobs. Ola has planned to manufacture as many as 1.40 lakh electric cars and 20 GW lithium cells at the proposed facilities.

Stalin also inaugurated 200TPD ultra-high pure medical oxygen manufacturing unit developed by Inox Air Products Ltd in SIPCOT industrial park in Hosur with an investment outlay of Rs 100 crore.

Among the inaugurated projects by the CM Saturday morning was the state-of-the-art research and development centre developed with an investment outlay of Rs 110 crore by GX India Private Limited at Chennai.

The R and D centre has been developed based on a MoU signed in July 2022 between the government and GX Group, which is one of the market leaders in Europe in Fiber-to-the-Home (FTTH) products.

Guidance Tamil Nadu, the nodal agency of the state government for investment promotion and single window facilitation, responded to the inauguration saying that the swift implementation of the project was a testament to the state's relentless dedication to fostering innovation, driving economic growth and creating employment opportunities.

The CM, accompanied by Irrigation Minister Duraimurugan and Industries Minister Thangam Thennarasu also laid the foundation stone for developing a mini Tidel park measuring 60,000 square feet at an estimated cost of Rs 30 crore over 4.98 acres of land available Melmanavur- Abdullapuram in Vellore district.