Electric vehicle ecosystem developer Terra Motors has committed investments of Rs 50 crore to the Tamil Nadu government to enhance electric vehicle infrastructure in the state, the company said on Tuesday.
During the Global Investors Meet 2024, which concluded on Monday, the company exchanged documents with officials of the Tamil Nadu government in this regard.
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Terra Motors recently expanded its presence in the country, setting up offices in Pune, Hyderabad, Gurgaon, Bengaluru, Kolkata and Chennai.
"Terra Motors plans to leverage its advanced technology and global market knowledge to offer efficient electric vehicle solutions tailored to the specific needs of the state's EV market. The investment will contribute to India's green transportation drive, helping achieve the target that 30% of new registered private vehicles be electric," the company said in a statement.
The investment commitment is expected to generate many jobs in the state, the statement said without divulging further details.
"I am honoured to be a part of this landmark partnership. Our strategic investment of Rs 50 crore in Tamil Nadu will allow us to enhance the existing EV charging infrastructure in the state," Terra Motors CEO Akihiro Ueda said.
"I am confident our partnership will set new standards in the global EV industry and allow us to contribute significantly towards Tamil Nadu's economic development," he added.
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