The SoftBank-backed mobility platform, Ola has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, to set up its first factory in the state, at an investment of Rs 2,400 crore. Upon completion, the Ola factory in Tamil Nadu will be the largest scooter manufacturing facility in the world. Initially, the factory will have an annual manufacturing capacity of 2 million units.
The factory is in line with Prime Minister Narendra Modi’s vision of an AtmaNirbhar Bharat and will make India a manufacturing hub for two-wheeled electric vehicles. The new factory will also reduce the dependence of India on import of electric vehicles, boost local manufacturing, create jobs and also improve the technical expertise in the country.
Important takeaways for all competitive exams:
- Tamil Nadu Capital: Chennai.
- Tamil Nadu Chief Minister: Edappadi K. Palaniswami.
- Tamil Nadu Governor: Banwarilal Purohit.
- Tamil Nadu State Dance: Bharathanatyam.