Hero Chairman Pawan Munjal Invests USD 1 Million In Ola Electric Mobility
- Pawan Munjal has invested the equivalent of Rs 7.38 crore in Ola Electric Mobility.
- Ola Electric Mobility has more than 200 electric three-wheelers, cars and buses plying in Nagpur.
- It plans to have 1 million electric vehicles on the road by 2021.
Hero MotoCorp had recently announced its intention to invest upto Rs 10,000 crore towards electric mobility solutions. The company's Chairman and Managing Director Pawan Munjal has now invested USD 1 million in Ola Electric Mobility. The investment was made through the Pawan Munjal Family Trust. The investment gives the family trust access to 18 preference shares which gives it a fixed dividend and priority over regular shares.
Ola Electric Mobility Solutions was launched in May 2017 in Nagpur. The idea was to develop electric infrastructure by not just increasing modes of electric transportation but also setting up charging infrastructure by means of charging and battery swap stations and solar rooftop installations. Ola Electric Mobility Solutions have multiple modes of transport in the form of e-rickshaws, electric cars and electric buses. Currently, the company has over 200 electric vehicles in its fleet and is running pilot projects in Nagpur, Gurugram and Bengaluru. As part of its Mission Electric initiative, Ola Electric plans to have a million electric vehicles in its fleet across India by the year 2021. Check out the entire list of electric bikes and scooters sold in India here .
The Pawan Munjal Family Trust is not the only one to inject a heavy dose of investment into Ola Electric. Last year, SoftBank invested USD 250 million (around Rs 1,849 crore) into Ola Electric mobility.
Source: ET Tech