Magenta signs MoU with the Government of Tamil Nadu to invest over Rs. 250 crores to set up an EV manufacturing plant

Magenta, a leading Indian Charge Point Operator (CPO) company, signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building the EV charging infrastructure in the state. Maxson Lewis, CEO and MD, Magenta, signed the MoU in the presence of the Honourable Chief Minister of Tamil Nadu, Thiru. M.K. Stalin at the Tamil Nadu Investment Conclave 2021 held in Coimbatore.

Under this agreement, Magenta will invest close to Rs. 250 crores & set up a manufacturing unit focused on the design, product development, and architecture standards for EV technologies in the e-mobility space. The investment will be mainly for R&D, manufacturing all cutting-edge technologies, and a broader set of choices in the e-mobility segment. The move emphasizes Magenta’s commitment to electrification and development for EV solutions.

With the new manufacturing plant plans in TN, Magenta will provide job opportunities to local communities within the region and create around 500 jobs in the next two years in Tamil Nadu. Furthermore, over 1600 employees will be trained in EV charger manufacturing, assembly, installation, and operations over the next five years. The facility aims to create a robust supply-chain ecosystem in and around the region & make Tamil Nadu EV ready.

Magenta signs MoU with the Government of Tamil Nadu

Maxson Lewis, Managing Director, and CEO, Magenta, said, “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.”

Magenta has many firsts to its credit, including the solar-based EV Charging Stations, India’s first EV Charging Corridor for Mumbai – Pune Expressway, and ChargeGrid App, an integrated and automated network of all charging stations on Mobile.

Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program further to strengthen its advanced technology platform for Electric Mobility. In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by renowned Indian American philanthropist, billionaire, and serial entrepreneur, Dr. Kiran Patel.

Magenta was amongst the 59 companies that signed MOUs with the Tamil Nadu Government in the Investors Conclave organized by the Industries Department in Coimbatore.

 

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