In what will definitely be a boost to the fortunes of the pandemic-afflicted economy of India, South Korean EV maker Edison Motors is planning to invest in our country. The electric bus maker held talks with Uttar Pradesh’s CM Yogi Adityanath on Monday. The meeting happened at the CM’s official residence. During this meeting the MD of the company, YK Lee, conversed with Yogi and discussed the various aspects of this association. The entire process of setting up a plant in UP will be completed in three phases, reports suggest. An investment of more than Rs 5,000 crore will be invested by Edison Motors. The first phase will see a relatively lower Rs 500-700cr being invested while in the subsequent phases, Rs 1,000-1,500cr as well as Rs 2,000-3,000cr respectively. Edison Motors is likely to hire more than 5,000 people in its factory, again in phases.
The employment opportunity as well as Make-in-India will be a fillip to UP’s fortunes. The CM too has been keen on resisting the electric vehicle policy to provide more incentives to future investors. UP is as it is rich in skilled as well as unskilled labour. There is also the fact that there are so many open spaces wherein a factory can be easily set. Based on the revised (easy) policy of acquiring industrial land, UP government is said to be helping Edison Motors in scouting for space to seat a factory near the Yamuna Expressway as well as Lucknow. Speaking of the Expressway, UP also has very good roads and connectivity to other nearby states. More than 90 per cent of the vehicle parts will be sourced from local vendors. This, in turn, will benefit the MSMEs thereby creating more employment opportunities.
Edison Motors is famous for its electric buses. The brand, at present, only makes these electric buses. However, when they come to India, there could also be chances of diversifying into producing e-rickshaws or even cars.
With inputs from various news agencies
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.