South Korean electric vehicle maker Edition Motors has announced it has expressed its interest in capitalizing nearly Rs 5,000 crore to set up its production facility in Uttar Pradesh.
The company has recommended investing 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.
A delegation led by Edison Motors managing director Y K Lee called upon UP chief minister Adityanath and conveyed an aspiration to set up an electric vehicle plant in the state.
Updating on the company’s profile, Lee explained the CM about the investment that Edison Motors has envisioned in the state spread over three phases, would mutually create fresh employment opportunities for 5,000 people.
Chief Minister Adityanath guaranteed the delegation of providing all support to the South Korean business delegation.
He also told them the state government was in the process of reexamining and altering the present electric vehicle policy to make it more striking and competitive for investors.
The CM believed UP delivered the largest consumer base and was the most investor and business-friendly state, while it had an extensive network of expressways and highways, thus offering good connectivity.
As per Lee, the company would source 90 percent of the machine parts for their electric vehicle plant from indigenous vendors and manufacturers in UP, which would unswervingly help the state micro, small and medium enterprises (MSME).
In the meantime, the company is seeking for suitable land near Lucknow and the Yamuna Expressway to set up the plant site.