Indian charge point operator company Magenta has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 250 crore in the state for setting up charging infrastructure for electric vehicles.
The MoU was signed by Magenta CEO and MD Maxson Lewis in the presence of the Chief Minister MK Stalin at the Tamil Nadu Investment Conclave 2021 held in Coimbatore, the company said in a release.
"Under this agreement, Magenta will invest close to Rs. 250 crore and set up a manufacturing unit focused on the design, product development and architecture standards for EV technologies in the e-mobility space," it said.
The investment will be mainly for R&D, manufacturing all cutting-edge technologies and a broader set of choices in the e-mobility segment.
Magenta said 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 operations over the next five years.
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, 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 Infomatics develops technologies for deploying electric mobility, while Magenta Mobility deploys electric vehicle enabled transport solutions for people and cargo movement.
The company was seed funded by HPCL in 2018 and incubated by Shell in 2019. It is also backed by the Microsoft Startup Program.
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