This company will invest 250 crores to set up EV infrastructure in Tamil Nadu, 500 people will get employment

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This manufacturing unit is planned to create around 500 jobs in the state in the next 2 years. Plant with around Rs 250 crore will focus on design, product development, and architectural standards for EV (electric vehicle) technologies in the e-mobility sector plan to do.

Electric vehicle charging point operator startup company Magenta signed a Memorandum of Understanding (MoU) with the state government to invest in building EV charging infrastructure in Tamil Nadu. Magenta will invest around Rs 250 crore to set up the manufacturing unit. The MoU was signed by Tamil Nadu Chief Minister MK. It happened in the presence of Stalin. The company says that the state is poised to become a new bastion of electric vehicles in the country due to the progressive and investor-friendly attitude of the government.

Magenta says the plant with around Rs 250 crore plans to focus on standards linked to design, product development, and architecture for EV (electric vehicle) technologies in the e-mobility sector.

According to the company, it will create around 500 jobs in the next two years in Tamil Nadu and train over 1,600 employees in EV charger manufacturing, assembly, installation, and operation over the next five years.

Maxon Lewis, Managing Director, and CEO, Magenta said, “We are delighted to join hands with the Government of Tamil Nadu to further strengthen the EV ecosystem in India. We are poised to become the next EV hub in the country. All this is possible because of the progressive and investor-friendly approach of the Government of Tamil Nadu.”

Magenta, headquartered in Mumbai, is present in the electric mobility space through three segments. Under Magenta ChargeGrid, it designs and deploys electric vehicle charging solutions. Magenta Informatics develops technology to expand the electric mobility space, while Magenta Mobility provides electric vehicle-enabled transport solutions for people and cargo movement.

The company was founded by HPCL in 2018, which was later incubated by Shell in 2019. It is also supported by the Microsoft Startup Program.