Ola plans $920 million India investment in electric cars, batteries
CHENNAI (Reuters) - SoftBank Group-backed Ola Electric would invest $920 million in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday.
Ola will invest 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.
The company's cumulative production numbers topped 100,000 in November, and it plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment. Ola already manufactures e-two wheelers in the state.
In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India's neighbour Nepal first.
Tamil Nadu, which accounts for nearly a third of the country's automotive exports, is looking to boost EV manufacturing and is waiving road tax, registration charges and permit fees for EVs, according to a policy unveiled this week.
($1 = 82.7500 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; editing by Jason Neely)