Magenta has announced that it has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu to invest in building the EV charging infrastructure in the state.
Under this agreement, Magenta will invest close to Rs.250 crore to set up a manufacturing unit that will focus on the design, product development, and architecture standards for EV technologies in the e-mobility space.
The investment will primarily be used for R&D and manufacturing technologically advanced products along with providing a better option in the e-mobility segment.
Maxson Lewis, CEO, and MD, Magenta, signed the MoU in the presence of Tamil Nadu Chief Minister M.K. Stalin at the Tamil Nadu Investment Conclave 2021 held in Coimbatore.
"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," Lewis stated.
Magenta will also offer job opportunities to local communities within the region and will create around 500 jobs in the next two years in Tamil Nadu. Moreover, more than 1600 employees will be trained in EV charger manufacturing, assembly, installation, and operations over the next five years.