The Tamil Nadu government has signed Memorandums of Understanding (MoU) with 18 companies for investment over Rs 19,955 crore on Monday. The 18 companies includes Torrent Gas (investment Rs 5,000 crore), Ola Electric (electric two-wheeler manufacturing with investment of Rs 2,354 crore), First Solar (Rs 4,185 crore), SSEM (Rs 2,500 crore), Voltas (Rs 1,001 crore), Mahindra CIE (Rs 100 crore) and others have inked MoU with TN CM.
Ola sets target to employ 10000 people as its plant turns out to be the World's largets scooter factory. The total business will result in 26,509 employment after successful operation. The Ola Electric said in its official statement that as per the MoU with TN government, it will set up an electric scooter plant in Hosur with a manufacturing capacity of two million units per annum. Ola Electric's factory will serve to the customers not only in India but also in markets around the world, including Europe, UK, and New Zealand.
The company is getting ready to launch the first of its range of highly anticipated electric scooters in the upcoming months. CM has laid foundation for projects worth Rs 4503 which can create upto 27,709 jobs. US based Mylan Laboratories has also signed MoU to set up a Injection Manufacturing unit in Krishnagiri with an investment of Rs 350 crore.
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