Ola in talks with multiple global suppliers for USD 1 bn cell manufacturing
The Hindu
SoftBank Group-backed Ola Electric is in talks with multiple global suppliers to build a battery cell manufacturing plant in India with a capacity of up to 50-gigawatt hours, sources said
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.
Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)
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.
Sources said the cell battery plant may cost around USD 1 billion (over Rs 7,700 crore) and may be built with an initial capacity of 1 Gwh, which will be expanded in the future.
Over 40 global suppliers are already in Bengaluru to meet with Ola founder and CEO Bhavish Aggarwal at the company's headquarters and are also visiting the Ola Futurefactory in Krishnagiri, Tamil Nadu this week, sources aware of the matter said.
Ola Electric, they said, has initiated talks with global suppliers from Germany, Korea, Japan, and other hubs to fuel its battery manufacturing ambitions.
It currently imports its battery cells from South Korea.
RBI Governor Shaktikanta Das admitted to hospital for monitoring, no official information available yet.
Fitch puts Adani Group bonds on watch for downgrade after U.S. bribery charges, impacting financial stability and investments.
Google is fighting to beat back another attack by the U.S. Department of Justice alleging monopolistic conduct in its ad tech.
Meta will face trial in April over the U.S. Federal Trade Commission’s allegations that the social media platform bought Instagram and WhatsApp to crush emerging competition.
HUL shareholders to receive shares in new ice cream business entity, subject to approvals, maximizing value for all.
Vedanta launches $500 million bond issue post-Adani crisis, with Citigroup, JPMorgan, Deutsche Bank declining to comment.
USFDA reports Dr Reddy's and Lupin Pharmaceuticals recalling products in the US due to manufacturing issues.
EPF inoperative accounts rise to ₹8,505.23 crore in 2023-24, EPFO to return funds to beneficiaries, awareness campaigns planned.
S&P Global Ratings revises India's economic growth forecast due to high interest rates and lower fiscal impulse.
Indraprastha Gas Ltd raises CNG prices in select cities, while MGL hikes rates in Mumbai post-elections.
Adani group stocks surge on BSE, NSE; clarifies on Kenya deals amid bribery charges, airport project cancellation.