Tata Group To Invest Over $5 Billion In UK Electric Battery Factory

The factory -- Tata Group's first gigafactory outside India -- will be built in Somerset after the site reportedly beat off competition from Spain.

Indian conglomerate Tata Group will invest over 4 billion pounds ($5.2 billion) in a giant battery plant in southwest England that will create thousands of jobs, the UK government and the company said on Wednesday.

"Tata Group will be setting up one of Europe's largest battery cell manufacturing facilities in the UK. Our multi-billion-pound investment will bring state-of-the-art technology to the country," said Tata chairman N. Chandrasekaran.

The factory -- Tata Group's first gigafactory outside India -- will be built in Somerset after the site reportedly beat off competition from Spain.