Ola Electric to invests Rs 4,000 cr to set up Battery Innovation Center in Bengaluru
As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant.
Ola Electric is investing USD 500 million (about Rs 4,000 crore) in a cell research and development facility in Bengaluru, company founder and CEO Bhavish Aggarwal said on Monday.
In a tweet, Aggarwal stated: "Sharing something I'm personally very passionate about! Building a state-of-the-art Battery Innovation Center (BIC) in Bangalore".
BIC will be one of the world's largest, most advanced cell R&D facilities, he added.
"500+ engineers & PhDs, $500mn investment. Will be up & running next month!" Aggarwal said.
SoftBank Group-backed Ola Electric is also in talks with multiple global suppliers to build a battery cell manufacturing plant in India with a capacity of up to 50 gigawatt hours.
As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant.
Ola Electric needs 40 Gwh of battery capacity to power 10 million electric scooters annually. The remainder will be for its electric cars, which the company plans to manufacture in the future.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.