The government of the Indian state of Tamil Nadu said in a statement that the “Ola Electric” company, backed by the Soft Bank Group, will invest $ 920 million in the manufacture of electric cars and their batteries in the state in southern India.
The company will invest 76.14 billion rupees ($920 million) through its two companies, Ola Electric Technologies and Ola Cell Technologies, due to the growing demand for electric vehicles in India.
The company’s cumulative production figures crossed 100,000 vehicles in November, and the company plans to produce 140,000 vehicles annually and employ 3,111 workers in Tamil Nadu through the new investment. Ola already makes electric scooters in the state.
Ola said in September that it was seeking to expand into Latin America, the Association of Southeast Asian Nations (ASEAN) and the European Union, after initially entering Nepal.
Tamil Nadu, which accounts for nearly a third of the country’s auto exports, is looking to increase manufacturing of electric cars and has abolished road tax, registration fees and permit fees for electric cars, according to a policy unveiled this week.