HOP Electric, Rajasthan govt. inks pact to set up EV manufacturing unit in Jaipur
Electric vehicles (EV) manufacturer HOP Electric has announced that it has signed an initial agreement with the Rajasthan government to set up an electric vehicle manufacturing plant in Jaipur with a capacity to produce 1.8 lakh vehicles per annum.
The company also said it is exploring similar possibilities in other states also and depending upon the facilities and support provided by the states, it will invest around Rs 100 crore in facilities.
It will generate over 3,000 direct and indirect employment opportunities.
The Jaipur-based company, which started operations in January this year, offers a wide range of electric two-wheelers and battery-swapping technology.
It already has a manufacturing unit in Jaipur with its current capacity of 7,500 vehicles per month, which can be expanded up to 15,000 units per month.
This deal to set up a production unit in Jaipur was certified last month during the ongoing Dubai Expo, HOP said in a declaration.
The state government had set up a pavilion inside the Indian Pavilion at the Dubai Expo as part of the Rajasthan week, during which 18 Letters of Intent (LOI) and 24 Memorandums of Understanding (MOUs) worth $400 million were announced.
"We are excited to avail this opportunity. We expect the MoU (initial pact) to encourage other local companies to continue moving forward with zeal and hard work.
"This MoU will work as a catalyst for the society's combined growth as we aim to strengthen our non-polluting transportation system (e-mobility) by leveraging futuristic technology and meticulous R&D (research and development)," Ketan Mehta, founder CEO of HOP Electric Mobility, said.
HOP Electric said it is expecting support from the Rajasthan government to encourage the EV segment in the state.
This includes incentives like capital subsidy, additional MSME, electricity duty and stamp duty exemptions, reimbursement on SGST, employment incentives, and under-investment promotions, Hop Electric said.
"As of now, we are evaluating different states to set up more assembly units. According to the facilities and support provided by the states, we'll be investing close to Rs 100 crore and generating over 3,000 direct and indirect employment opportunities," Mehta said.
