Chennai: Tamil Nadu came up smiling winning the race for ₹ 7,614 crore investment by India’s electric two-wheeler maker Ola Eletric, pushing aside Karnataka, Andhra Pradesh, Telangana, Gujarat and Uttar Pradesh.
The Bengaluru based company has chosen the state for setting up the world’s largest electric vehicle hub.
Ola has already been making electric two-wheelers in Pochampalli, Krishnagiri District after it announced in 2020 of setting up the world’s largest two-wheeler factory.
The Tamil Nadu government's revamped Electric Vehicles Policy benefited the state in winning the hefty investment, according to NDTV.
State Industries Minister Thangam Thennarasu attributed the win to the industry’s confidence in Tamil Nadu, adding that the state offered the company land subsidy, electricity benefits, choice of capital or turnover subsidy.
The state arranged amenities to battery manufacturers alongside giving a subsidy of Rs 10 lakh to users of public electric vehicles.
"Tamil Nadu's electric vehicles policy has been revamped to suit the latest requirement. This became more lucrative to investors," Thangam Thennarasu reportedly said.
The Tamil Nadu government’s electric vehicle policy 2023 looks for creating 1.50 lakh jobs by winning investments to the tune of ₹ 50,000 crore.
Ola will churn out a lakh and a half cars a year, creating more than 3,000 jobs.
The hub will make electric two-wheelers, cars and battery cells, among others Ola reportedly said.