Magenta to Invest ₹250 Cr in Setting Up EV Mfg Plant in Tamil Nadu

Magenta, an Indian Charge Point Operator (CPO) company, has signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building EV charging infrastructure in the state.

Maxson Lewis, CEO and MD, Magenta, signed the MoU in the presence of the Chief Minister of Tamil Nadu, M.K. Stalin, at the Tamil Nadu Investment Conclave 2021 held in Coimbatore.

Under this agreement, Magenta will invest close to Rs. 250 crores & set up a manufacturing unit focused on design, product development and architecture standards for EV technologies in the e-mobility space. The investment will be mainly for R&D, manufacturing cutting-edge technologies and a broader set of choices in the e-mobility segment.

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With the new manufacturing plant plans in TN, Magenta is expected to provide job opportunities to local communities within the region and create around 500 jobs in the next two years in Tamil Nadu. Furthermore, more than 1600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years, the company has said. The facility aims to create a robust supply-chain ecosystem in and around the region & make Tamil Nadu EV ready.

Maxson Lewis, Managing Director, and CEO, Magenta, said, “We are glad to join hands with the Government of Tamil Nadu in strengthening their vision for building a robust EV ecosystem for India. Skilled workforce, Strong infrastructure, coupled with a government having a progressive and investor-friendly approach, makes the state poised to become the next EV hub in the county.”

Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program to strengthen its advanced technology platform for electric mobility. In 2020, Magenta raised pre-series funding from JAN (JITO Angel Network) and LetsVenture.

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In May 2021, Magenta announced that it had closed its Series A funding with the help of Indian American philanthropist, billionaire, and serial entrepreneur Dr. Kiran Patel. In June this year, the company announced that it would deploy EVs for government use in Telangana for Go Electric Campaign.