According to media reports, Ola Electrics is set to acquire around 1500 acres of land in Tamil Nadu to set up a factory for electric vehicles. The report further claims that it will be the biggest deal for a factory in the Indian automobile industry.
Ola CEO Bhavish Aggarwal is expected to deliver on expectations in the next couple of days. The report added that it will house the company’s electric vehicle manufacturing facility, a component supplier ecosystem, and a battery cell manufacturing plant. To give a boost to the electric mobility industry, Ola is expected to infuse around Rs 1 lakh crore in the ‘electric vehicles’ park that is setting up in the Krishnagiri district in Tamil Nadu by the end of the decade.
As per the report, Ola already has around 500 acres in the area and is now adding a bigger land parcel of 1,500 acres. Following its plans to expand the capacity of its electric two-wheeler business, the company is acquiring land to manufacture batteries in the area. Further, the electric mobility player aims to house all its critical vendors and suppliers in the same area.
Ola first launched its electric scooter last year. The CEO is eyeing a venture in the e-motorcycle segment as well, which may be launched in a couple of years or so. Moreover, it wants to start its own EV cab services in Bengaluru. The company’s ultimate vision includes scaling up the number of EV cabs to over 10,000 in one year in the city.
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