Magenta signs MoU with the TN Government to set up an EV manufacturing plant
Published on : Thursday 25-11-2021
Magenta will invest close to Rs. 250 crores & set up a manufacturing unit focused on the design, product development and architecture standards for EV technologies.
November 24, 2021 – Magenta, a leading Indian Charge Point Operator (CPO) company, 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 invest 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 investment will be mainly for the R&D, manufacturing all cutting-edge technologies and a broader set of choices in the e-mobility segment. The move emphasizes Magenta's commitment to electrification and development for EV solutions.
With the new manufacturing plant plans in TN, Magenta will provide job opportunities to local communities within the region and create around 500 jobs in the next two years in Tamil Nadu. Furthermore, over 1600 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 and make Tamil Nadu EV ready.
Maxson Lewis, Managing Director, and CEO, Magenta, said, "We are glad to join hands with the Government of Tamil Nadu in strengthening their vision for building a robust EV ecosystem for India. 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 county."
Magenta 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.
Magenta was amongst the 59 companies that signed MOUs with the Tamil Nadu Government in the Investors Conclave organised by the Industries Department in Coimbatore.