TN signs investment MoUs worth Rs 19,955 cr

Chennai, Dec 14 The Tamil Nadu government on Monday signed Memorandums of Understanding (MoU) with 18 companies that involves investment of Rs 19,955 crore.

The companies that signed the MoUs in the presence of Chief Minister K Palaniswami include 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.

According to Guidance Tamil Nadu, the investment MoUs have an employment potential of 26,509.

Meanwhile, Ola Electric said in a statement that as per the MoU, 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 cater to the customers not only in India but also in markets around the world, including Europe, UK, and New Zealand.

The company is gearing up to launch the first of its range of highly anticipated electric scooters in the coming months.