HomeFinanceAutoMagenta to invest Rs 250 crore to set up EV manufacturing plant...

Magenta to invest Rs 250 crore to set up EV manufacturing plant in Tamil Nadu

Credit Source



Magenta says that it will provide job opportunities to local communities within the region and create around 500 jobs in the next two years in the state.

Magenta has recently signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building the EV charging infrastructure in the state. Maxson Lewis, CEO and MD, Magenta, signed the MoU in the presence of the Honourable Chief Minister of Tamil Nadu, Thiru. M.K. Stalin at the Tamil Nadu Investment Conclave 2021 held in Coimbatore. Under this agreement, Magenta will be investing close to Rs 250 crores and set up a manufacturing unit focused on the design, product development, and architecture standards for EV technologies in the e-mobility space.

The said investment will be mainly for the R&D, manufacturing all cutting-edge technologies, and a broader set of choices in the e-mobility segment. With the new manufacturing plant plans in Tamil Nadu, Magenta says that it will provide job opportunities to local communities within the region and create around 500 jobs in the next two years in the state. Furthermore, over 1,600 employees will be trained in EV charger manufacturing, assembly, installation, and operations over the next five years. The facility aims to create a robust supply-chain ecosystem in and around the region & make Tamil Nadu EV ready, the brand noted.



Magenta says that it has many firsts to its credit, including the solar-based EV charging stations, India’s first EV Charging Corridor for Mumbai-Pune Expressway, and ChargeGrid App, an integrated and automated network of all charging stations on Mobile. Speaking on the occasion, Maxson Lewis, Managing Director, and CEO, Magenta said that the company is glad to join hands with the Government of Tamil Nadu and this will strengthen its vision for building a robust EV ecosystem for India. A skilled workforce, Strong infrastructure, coupled with a government having a progressive and investor-friendly approach, makes the state poised to become the next EV hub in the country, Magenta believes.



Check out latest IPO News, Best Performing IPOs,
calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on .





Read Full Article

Stay Connected

16,985FansLike
2,458FollowersFollow

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here