Business

Ola group to set up electric two-wheeler factory in Hosur


Tamil Nadu CM signs 18 MoUs entailing ₹19,995 crore investments.

Tamil Nadu Chief Minister Edappadi K. Palaniswami on December 14 signed 18 MoUs entailing investments to the tune of ₹19,995 crore with an employment potential for 26,509 persons.

One of the primary investors, the State has managed to attract in the time of the global COVID-19 pandemic is Ola Electric Mobility, which will set up an electric two wheeler manufacturing unit in Hosur with an investment of ₹2,354 crore. Once operational it will generate employment for an estimated 2,182 persons.

An MoU regarding this was signed between Bhavish Aggarwal, chairman and group CEO of Ola and Mr. Palaniswami in Chennai.

After inking the deal, Mr. Aggarwal said that this would be one of the world’s largest scooter factory catering to domestic and international markets. “It will serve customers in Europe, Asia and Latin America among other markets,” he said. The factory, which will initially have an annual capacity of 2 million units, will produce Ola’s upcoming range of two-wheeler products starting with Ola’s electric scooter.

Foundation stone laid for five projects

The Chief Minister also laid the foundation stone for five projects with an investment commitment of ₹4,456 crore which will provide jobs for an estimated 27,324 persons. Besides, he inaugurated a ₹47-crore worth project with employment potential for 385 persons.

Mr. Palaniswami formally signed a deal with Torrent Gas Chennai Pvt. Ltd. which will set up a gas distribution network in Chennai and Tiruvallur, having proposed to make an investment of ₹5,000 crore. Papers were also signed with First Solar, headquartered in Tempe, Arizona, a firm that manufactures thin film photovoltaic solar modules using an advanced thin film semiconductor technology for setting up a solar module manufacturing facility in Tamil Nadu with an investment of ₹4,185 crore.

Crown Group will establish an aerospace cluster park, manufacturing of flight components and sub systems and drone manufacturing in Salem with an investment of ₹2,500 crore.

Society for Smart Electric Mobility (SSEM) has proposed to set up an EV and future mobility park with skill development, research centre and also facilitate the setting up on manufacturing industries within the park in Thathanur, Tiruppur district with a proposed investment of ₹2,500 crore. Voltas, manufacturer of air conditioners and commercial refrigeration products, is setting up a manufacturing plant at Vedal village, Kanchipuram with an investment of ₹1,001 crore.

The Chief Minister also inked a deal with Mylan Laboratories, a U.S. based speciality pharmaceuticals manufacturer. The firm has proposed to establish an injection manufacturing project in Kurubarapalli, Krishnagiri district with an investment of ₹350 crore and employment potential for 250 persons. Swiss based Gurit India Pvt. Ltd. will set up a project for manufacture of wind blade components at Sriperumpudur, with an investment of ₹320 crore.

In the education sector, an MoU was signed with YaClass, a Latvian company. The firm will establish an Edutech Project in Chennai with an investment of ₹300 crore. KPR Sugar and Apparels Limited has given a commitment to establish a textile mill project at Perumanallur at a cost of ₹250 crore.

Other key MoUs singed by Mr. Palanisswami include Magnus Infrastructure LLP (₹200 crore), U.S.-based Stanadyne for manufacture of fuel injection pumps (₹180 crore), Mahindra CIE (₹100 crore), Anjan Drugs (₹60 crore), MAIVA Pharma (₹500 crore) , Eickhoff Wind Asia Pvt. Ltd. from Germany (₹410 crore), Cubic Modular Systems from Denmark (₹120 crore) and Italian company Sabaf (₹75 crore).

An MoU was also signed between State Industries Promotion Corporation of Tamil Nadu Limited (Sipcot) and Foxconn to establish an industrial Housing for accommodation for employees of Foxconn in its Industrial park at Vallam Vadagal, Sriperumpudur.

The Chief Minister also inaugurated the new GIS web portal of Sipcot, which was developed using latest drone technology by mapping the properties and utilities of all industrial complexes.

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