Magenta Invests $ 250 Million In Tamil Nadu To Build Electric Vehicle Factory.
Magenta will invest nearly Rs. 250 million dollars will be invested in setting up facilities that will focus on the design, manufacture and design of EV technology in the electric mobility space.
Magenta, an Indian charging station company (CPO), has signed a memorandum of understanding with the government to invest in the construction of charging infrastructure for electric vehicles in the province of Tamil Nadu.
Under the deal, Magenta will invest nearly Rs 250 million to build a manufacturing facility that will focus on the design, manufacture and design of EV technology in the field. The investment is mainly in the R&D and production of high-tech equipment, offering better options in the electric mobility sector.
Maxson Lewis, CEO and Managing Director of Magenta, said the Tamil Nadu MP. Stalin from the 2021 Tamil Nadu Investment Conclave in Coimbatore.
“We look forward to working with the government of Tamil Nadu to support our vision of building a strong EV ecosystem for India. With skilled workers, solid construction, and government success, a business-friendly approach, the state is poised to become the next hub for electric vehicles, ”said Lewis.
Magenta will also provide services to local communities and create around 500 jobs over the next two years in Tamil Nadu. In addition, over the next five years, more than 1,600 employees will be trained in the manufacture, assembly, installation and operation of electric vehicle chargers.
Magenta has been one of the pioneers in the EV charger industry and offers a wide range of chargers including solar EV charging stations and has also installed several EV chargers on the Mumbai-Pune route.