The state government has approved the contract for Ola’s land acquisition.
Mentioning sources, the report stated Ola CEO Bhavish Aggarwal could say the matter in the coming days. “It will house the company’s electric vehicles manufacturing facility, a component supplier ecosystem, and a battery cell manufacturing plant,” the report added.
As per the sources Ola is expecting to fund around 1 lakh crore by the end of this decade in the electric vehicles park set up in Krishnagiri district in Tamil Nadu.
As per the report, “Ola already has around 500 acres in the area and is now adding a much bigger land parcel of 1,500 acres as it looks to not only expand the capacity of its electric two-wheelers business but also looks at making electric cars as well as batteries in the area“.
Bhavesh Agarwal also has plans which include the introduction of motorcycles in near future.
The electric automobile manufacturer plans to start its EV cab services in Banglore. Ultimately, the company plans to increase the number of electric vehicles in the city to more than 10,000 per year.
Despite numerous consumer complaints about poor service quality, Ola founder Bhavish Aggarwal has repeatedly stated that the taxi business is “very profitable” and a “mature business”.
