Yulu to invest Rs 1,200 crore to deploy 1 lakh EVs, battery charging and swapping infra in Karnataka

Shared electric mobility player Yulu on Wednesday said it will invest Rs 1,200 crore to deploy 1 lakh electric vehicles and operationalise battery charging and swapping infrastructure in Karnataka over the next five years.

The company has signed a memorandum of understanding (MoU) with the Karnataka government for the purpose and it will also cover investments made in product innovation, new technology and sustainable operations, Yulu said in a statement.

Moreover, Yulu will create about 7,000 direct jobs across its value chain activities and establish a 'centre of excellence' for designing and optimising cutting-edge vehicle designs, IoTs and EV charging equipment.

Yulu co-founder R K Misra said the company has worked closely with policy makers and government departments to help formulate policies that foster a vibrant EV ecosystem.

''This MoU is a step forward in that partnership and also cements Karnataka's position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India,'' he added.