Magenta, a Mumbai-based charge point operator (CPO) company, has signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building the EV charging infrastructure in the state. Under this agreement, Magenta will invest close to INR 250 crore (US$33.6 million) in setting up a manufacturing unit focused on the design, product development and architecture standards for EV technologies in the e-mobility space. The new manufacturing plant is expected to create around 500 jobs in the next two years in Tamil Nadu. Furthermore, over 1,600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years.
SOURCE: BUSINESS TODAY