Yulu has entered a Memorandum of Understanding (MoU) with the Government of Karnataka and announced investing INR 1,200 crore in deploying a fleet of one lakh EVs and operationalising the largest EV battery charging and swapping infrastructure in the State over the next five years.
Additionally, the MoU also covers investments in product innovation, new technology and sustainable operations to create a practical and affordable shared solution for urban mobility at scale.
A press release from Yulu stated that the company will create about 7,000 direct jobs across its value chain and will leverage its R&D and research expertise to design, develop and manufacture IoTs and EV charging equipment.
The MoU was signed by R K Misra, Co-Founder of Yulu, in the presence of the Chief Minister of Karnataka, Basavaraj Bommai, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials and other prominent personalities at the Invest Karnataka Global Investors Meet in Bengaluru.
Misra said, “Karnataka is one of the most progressive and action-oriented States of the country in embracing an EV future. As a leading electric mobility player and an active industry participant, Yulu has worked closely with policy makers and Government departments to help formulate policies that foster a vibrant EV ecosystem.”
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