South Korean electric vehicle maker Edison Motors reveals interest in investing almost Rs 5,000 crore(US$ 670million) to set up its production facility in Uttar Pradesh.
According to the proposal, the company will invest Rs 500-700 crore in the first phase, Rs 1,000-1,500 crore in the second phase and Rs 2,000-3,000 crore in the third phase of its electric vehicle plant in the state.
Edison Motors’ managing director YK Lee informed CM Adityanath that the proposal would create employment opportunities for 5,000 people. CM Adityanath assured Lee of all the support.
As per the proposal suggest by Edison Motors, the company would source up to 90 percent of the machine parts for their EV manufacturing facility from local vendors and manufacturers of the state, which would also give a fillip to the state’s MSME sector.
The company is now looking for suitable land for the facility near Lucknow and the Yamuna Expressway.