Unicorn Ola’s EV arm Ola Electric has signed an MoU with the Government of Tamil Nadu for an investment of Rs.2,400 crore to set up one of the world’s largest scooter factories in Hosur. This will be the ride hailing company’s first factory in Tamil Nadu and will create 10,000 jobs with an initial annual capacity of two million units.

The pact was signed in the presence of CM Edappadi K Palaniswami. Ola says that the project is in line with the Prime Minister Narendra Modi’s vision of making India an ‘Aatmanirbhar Bharat’. The company further added in the statement that it will catalyze the reduction of India’s import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs and improve the country’s technical expertise.

Ola is gearing up to launch its first range of highly anticipated electric scooters in the coming months, which has already won various prestigious design and innovation awards around the world. The new factory will cater to customers across the world, and not only in India.

Bhavish Aggarwal, Chairman & Group CEO, Ola said, “We would like to thank the State and the honorable Chief Minister for extending support and fostering a long cooperation that will help us crate value and play a pivotal role in enabling the paradigm shift to electric mobility. A manufacturing unit in Tamil Nadu is an ideal choice for us owning to the strategic location, conducive business environment, favourable ecosystem and high-level of skill-sets in the State”.