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South Korean Electric Vehicle Maker Edison Motors Set To Invest Rs 5,000 Crore To Build Manufacturing Facility In UP
Uttar Pradesh CM Yogi Adityanath. (Subhankar Chakraborty/Hindustan Times via Getty Images)
In another major success for Chief Minister Yogi Adityanath-led Uttar Pradesh (UP) government's all-out efforts to attract foreign direct investments and to make the state a manufacturing hub, South Korean electric vehicle maker Edison Motors has announced its plans to invest Rs 5,000 crore to set up a production facility in the state, reports Business Standard.
As per the company's proposal, Edison Motors will be investing Rs 500-700 crore in the first phase of the plant, Rs 1,000-1,500 crore in the second phase, and Rs 2,000-3,000 crore in the third phase.
The development gains significance as Edison Motors' managing director YK Lee and a delegation led by him called on Chief Minister (CM) Yogi Adityanath to express their desire to set up an electric vehicle manufacturing facility in the state.
Lee informed CM Adityanath that the proposal would create employment opportunities for 5,000 people. Responding positively, CM Adityanath assured Lee of all the support.
As per the proposal put forward by Edison Motors, the company would source up to 90 per cent 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 scouting for suitable land for the facility near Lucknow and the Yamuna Expressway.
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