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<ul><li><keyword id="6602160" type="General" weightage="80" keywordseo="ola-electric-mobility" source="Orion">Ola Electric Mobility</keyword> Private Ltd. has signed a MoU with the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> government to invest ₹7,614 crore.</li><li>According to the Tamil Nadu government, Ola Electric Mobility's group companies -- <keyword id="16569311" type="General" weightage="50" keywordseo="ola-cell-technologies-private-ltd" source="Orion">Ola Cell Technologies Private Ltd</keyword> and <keyword id="16569310" type="General" weightage="50" keywordseo="ola-electric-technologies-private-ltd" source="Orion">Ola Electric Technologies Private Ltd</keyword> -- will set up the lithium ion cell plant and EV car plant respectively.</li></ul>Chennai, Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹7,614 crore to make EV cars and lithium ion cells in the state. According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and <keyword id="16569309" type="General" weightage="80" keywordseo="ola-electric-technologies" source="Orion">Ola Electric Technologies</keyword> Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively. The Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said. The two plants will come up in Krishnagiri district. Several days ago, the Tamil Nadu government unveiled its new EV industry policy. "Ola will set up the world's largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon.CM@mkstalin for the support and partnership of the TN govt! Accelerating India's transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

At a time when chauffeurs driving <keyword id="6362049" type="UNKNOWN" weightage="20" keywordseo="Ola-Cabs">Ola Cabs</keyword> in Delhi were heaving a sigh of relief, here comes the bad news. The <keyword id="2901217" type="UNKNOWN" weightage="20" keywordseo="Association-of-Radio-Taxi">Association of Radio Taxi</keyword> has officially clarified that <keyword id="2200842" type="UNKNOWN" weightage="20" keywordseo="ANI-Technologies">ANI Technologies</keyword> (Ola Cabs) has not been given any relief by the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> to run vehicles in Delhi. 
 Coercive action has been stopped only against Apra Cabs India <keyword id="6356430" type="POSITION" weightage="20" keywordseo="private">Private</keyword> Limited &amp; <keyword id="2901218" type="UNKNOWN" weightage="20" keywordseo="Serendipity-Info-Labs">Serendipity Info Labs</keyword> Pvt. Ltd. The ban by the Delhi government still continues on Ola and Uber from offering service in the state as they do not have licence to operate in Dehi under Modified Radio Taxi Scheme 2006 of Transport Department of Delhi. 
 
In response to their application, the High Court issued an order dated on 11th of this month. It states that Apra Cabs &amp; Serendipity Info Labs relief but clearly states that ANI technologies (Ola Cabs) has NOT been granted any relief or exemption. Ola Cabs were asked by the high court to withdraw the petition which they did. 
 “We would like to elucidate that Ola Cabs has not been granted any relief from the High Court and the ban of its services in Delhi still continues. The state government still maintains that Ola will not be allowed to operate and strict action will be taken if they offer cab services without licence,” said <keyword id="4161" type="PERSON" weightage="20" keywordseo="Kunal-lalani">Kunal Lalani</keyword> of <keyword id="6364480" type="POSITION" weightage="20" keywordseo="Chairman">Chairman</keyword> Association of Radio Taxi India. 
 
Passengers are equally suffering as Ola Cabs has been banned from providing service. As most of the time autos refuse to go by meter, people rely on low cost cabs like Ola to commute. With Ola drivers now refusing to ply as police has, in many cases, impounded their vehicles, people needing late night transport are having a tough time. 
 
(Image:Reuters)

No, Ola Cabs in Delhi is still not permitted to operate taxi service

Advanced technology battery start-up Log9 Material on Monday said it has raised USD 40 million (nearly Rs 325 crore) in Series B funding led by <keyword id="124764" type="General" weightage="80" keywordseo="amara-raja-batteries" source="Orion">Amara Raja Batteries</keyword> Ltd and <keyword id="12272190" type="General" weightage="80" keywordseo="petronas-ventures" source="Orion">Petronas Ventures</keyword>. The round was also participated by other investors, including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors. "The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024," Log9 Material Founder and CEO <keyword id="6381441" type="General" weightage="80" keywordseo="akshay" source="Orion">Akshay</keyword> Singhal said in a statement. He further said it will also help the company to commission its first fully integrated Lithium Ion Cell production line. "Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks," Singhal added. Log9 said it also plans to invest a part of the raised funds into "budding start-ups and organisations that are solving challenges related to charging infrastructure, technology ancillaries and companies fighting climate change at large". On the company's investment, Amara Raja Batteries Executive Director <keyword id="15683367" type="General" weightage="80" keywordseo="vikramaditya-gourineni" source="Orion">Vikramaditya Gourineni</keyword> said, "Log9's progress in the field is significant in meeting India's growing aspirations in the energy and mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localised, and batteries designed in India for India will pave the way." Petronas Ventures Head <keyword id="16219256" type="General" weightage="80" keywordseo="arni-laily" source="Orion">Arni Laily</keyword> said, "Log9's approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS' expansion in the new energy and green mobility sectors." Log9 is also backed by CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/waited-6-months-to-join-google-says-indian-origin-techie-on-h1-b-visa/articleshow/97245664.cms">Waited 6 months to join Google says Indian-origin techie on H1-B visa</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-and-airtel-face-off-in-new-prepaid-plans-in-2-5gb-daily-data-limit/articleshow/97246063.cms">Jio and Airtel offering 2.5GB daily data limit in new prepaid plans: Check price, benefits, and more</a>

Battery start-up Log9 Material raises $40 million Series B funding from Amara Raja, Petronas and others

<ul><li>Executive director of <keyword id="42747" type="General" weightage="20" keywordseo="Tata-Motors" source="Orion">Tata Motors</keyword>, Mr. Girish Wagh, announced at the <keyword id="13421246" type="General" weightage="20" keywordseo="auto-expo-2023" source="Orion">Auto Expo 2023</keyword> that the company is reimagining its entire product portfolio and operations to achieve net zero greenhouse gas by 2045.</li><li><keyword id="42747" type="DOMAIN" weightage="20" keywordseo="tata-motors" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata motors" meta.entityname="Tata Motors Ltd." meta.entityid="12934" meta.seoname="tata-motors-ltd">Tata Motors</keyword> MD <keyword id="1890649" type="General" weightage="20" keywordseo="Shailesh-Chandra" source="Orion">Shailesh Chandra</keyword> stated that the transition from traditional fuels to the EV ecosystem is 'inevitable.'</li><li>Highlighting the company's launches, Chandra noted that the products will cover the entire spectrum of price points</li></ul> The Managing Director of Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd., Mr Shailesh Chandra provided nuanced solutions for decreasing <keyword id="2894418" type="General" weightage="20" keywordseo="range-anxiety" source="Orion">range anxiety</keyword> among buyers with respect to the upcoming Electronic Mobility Ecosystem. In a conversation at the Auto Expo - The Motor Show 2023, Chandra said, "...I think the solution lies in the charging infra and ability to charge cars fast, and that also mainly on the highways". "..Having seen that in the last 2 to 3 years, or last 1 year, there are 3000 chargers which have been put which was not the case 4-5 years back. And not only has <keyword id="45008" type="DOMAIN" weightage="20" keywordseo="tata-power" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata power" meta.entityname="Tata Power Company Ltd." meta.entityid="12918" meta.seoname="tata-power-company-ltd">Tata Power</keyword> started putting these public chargers but now, there are many regional players and start-ups which are coming into this space. So in 2-3 years, I think the situation will be very different" he added. On January 11, the executive director of Tata Motors, Mr. Girish Wagh, announced at the Auto Expo 2023 that the company is reimagining its entire product portfolio and operations to achieve net zero greenhouse gas by 2045. Chandra stated that the transition from traditional fuels to the EV ecosystem is 'inevitable', and that the world for the automobile company after achieving its net zero targets would be 'fully electric'. "...Globally also it is acknowledged that given that the automotive industry has a significant contribution to the emissions, so it has to also move towards zero-emission technology very fast," he said, noting that in Europe and UK, the timeline to achieve the net zero target is defined aggressively by 2035. Talking about the affordability of Tata's EV products, Chandra said, "If you see the median prices of the cars sold in the country, it is roughly 9-9.5 lakh. So that's the sweet spot where the demand of the PV industry is there". "As far as mainstreaming of EV products is concerned, I think we have come to some distance in terms of bringing a product which can do that" he added, referring to the Tata Tiago EV. Highlighting the company's launches, Chandra noted that the products will cover the entire spectrum of price points and therefore, people with multiple affordability levels could buy a car. Tata Motors showcased 14 different vehicles at the Auto Expo 2023, including 4 natural gas-powered models, 2 fuel agonistic, new generation architectures, 5 BEVs (Battery <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">Electric Vehicles</keyword>), 2 Hydrogen fuel cell electric vehicles and one Hydrogen internal combustion engine vehicle. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/layoffs-begin-at-ola-200-employees-to-be-impacted-by-restructuring-exercise/articleshow/96960388.cms">Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/evs-take-the-limelight-of-auto-expo-2023-new-launches-concept-cars-all-the-highlights-from-the-auto-show/articleshow/96944611.cms">EVs take the limelight of Auto Expo 2023 — new launches, concept cars, all the highlights from the auto show</a>

Charging infra improvement can reduce range anxiety for EVs: Tata Motors MD

Pure play <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> (EV) player <keyword id="67247" type="General" weightage="100" keywordseo="byd" source="Orion">BYD</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Private Ltd on Tuesday launched its premium sport utility vehicle (SUV) Atto 3. The company is a wholly-owned subsidiary of BYD, China - one of the largest EV players in the world. "With proven and innovative technology, we are on track towards building a stronger ecosystem that facilitates EV adoption in our country. The launch of BYD-Atto 3 is a step towards this mission. We will constantly contribute to building a greener future," <keyword id="13023382" type="General" weightage="50" keywordseo="sanjay-gopalakrishnan" source="Orion">Sanjay Gopalakrishnan</keyword>, Senior Vice President of Electric Passenger Vehicles of BYD India, said. Sales of the new model equipped with seven airbags, a robust steel body structure, a safety-oriented chassis design and several other features will start happening from January 2023. "We intend to sell 15,000 units of BYD-Atto 3 in India over the next year and plan to set up a local manufacturing facility in the due course," said Ketsu Zhang, Executive Director of BYD India. In India, BYD has two plants - one for making cars and the other for electronic items - involving a cumulative investment of about $200 million. The company assembles its cars by importing the parts from China. It started operations rolling out the e6 model - a <keyword id="495658" type="General" weightage="20" keywordseo="multi-purpose-vehicle" source="Orion">multi-purpose vehicle</keyword> (MPV). The company's plant near here has the capacity to roll out 10,000 units per year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-startup-sector-sees-80-drop-in-q3-funding-slowdown-to-continue/articleshow/94781289.cms">India startup sector sees 80% drop in Q3 funding, slowdown to continue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-all-set-to-launch-its-cheapest-new-electric-scooter-on-october-22/articleshow/94776685.cms">Ola may launch an electric scooter priced under ₹80,000 on October 22</a>

BYD launches EV Atto 3 SUV

New Delhi, May 8 () The Drug Controller of India has allowed clinical trial of Favipiravir medicine, developed indigenously a CSIR laboratory, on coronavirus patients, Director General Shekhar Mande said on Friday.He said the Indian Institute of Chemical Technology (IICT), Hyderabad has developed the technology to make the drug Favipiravir.The technology has been transferred to a private company, IICT Director S Chandrashekar said.The company will now tie up with hospitals for clinical trials so that the drug could be tested on patients suffering from COVID-19. Approval from patients will be necessary as per the protocols, he said. Mande said Favipiravir is used in countries such as China and Japan to treat influenza. Whenever, a virus enters a cell, it tries to create multiple replicas. Favipiravir stops the replication process, he explained.The CSIR has already tied up with Cadila Pharmaceuticals Ltd to evaluate Mycobacterium W (Mw) for faster recovery of hospitalised COVID-19 patients and minimise the spread of disease.Mycobacterium W can reduce mortality of patients suffering from Gram-negative sepsis by 50 per cent. Permission has been granted by the Drug Controller of India to conduct tests on critically ill COVD-19 patients at three major hospitals in the country, he said.Mande said Mycobacterium W helps in boosting TH1 and TH2 cells, which in turn, builds immunity in fighting viruses and in this specific case the novel coronavirus. PR NSD

Got drug controller nod for Favipiravir's clinical trial on COVID-19 patients: CSIR DG

(Eds: recasting overnight story) New Delhi, Jun 19 () The CSIR -- Central Drug Research Institute (CDRI) Lucknow, has got the nod for carrying out clinical trial of antiviral drug Umifenovir for treating coronavirus patients, according to a statement. The Phase III clinical trials will be carried out at King George's Medical University (KGMU), Dr. Ram Manohar Lohia Institute of Medical Sciences (RMLIMS) and ERA's Lucknow Medical College &amp; Hospital, Lucknow, it added. The drug has a good safety profile and acts by preventing entry of viruses into human cells and also by priming the immune system, it added. Umifenovir is mainly used for treatment of influenza and is available in China and Russia, and has recently come into prominence due to its potential use for COVID-19 patients. To evaluate its efficacy in Indian patients, CSIR-CDRI has taken up the clinical trial. Further, it has developed the process technology for Umifenovir in record time and licensed the economical process technology for manufacturing and marketing the drug to M/s. Medizest Pharmaceuticals Private Ltd. Goa, which has already received a test license from DCGI, it added. Prof. Tapas Kundu, Director CSIR-CDRI, said all the raw materials for the drug are indigenously available and if the clinical trial is successful, Umifenovir can be a safe, efficacious, affordable drug against COVID-19. He added that the drug has the potential for prophylactic use. Dr Shekhar Mande, Council for Scientific and Industrial Research (CSIR), highlighted that this clinical trial is an integral part of the CSIR strategy of repurposing drugs for COVID-19. "The clinical trial application was processed on high priority as per the DCGIs initiative against COVID-19. The next steps of the trial are being fast tracked to enable the availability of the drug to Indian patients as soon as possible," the statement added. CSIR labs have been trying to repurpose different drugs for treating coronavirus patients. For the last three months, the Drug Controller General of India has allowed the use of Favipiravir drug, developed within the country by a CSIR laboratory, for clinical trials to treat coronavirus patients. In another case, the Council for Scientific and Industrial Research (CSIR), has tied up with Cadila Pharmaceuticals Ltd to evaluate Mycobacterium W (Mw) for faster recovery of hospitalised COVID-19 infected patients. PR RDM DV DV

COVID-19:CSIR institute to conduct clinical trials of antiviral drug Umifenovir

The spectacular debut of <a href="http://www.businessinsider.in/searchresult.cms?query=indigo">IndiGo</a> , India's biggest airline by market share, on the bourses on Tuesday, not only reflected investor’s confidence in India’s potential as one of the world's fastest growing aviation markets but a possible resurgence of the primary market after a prolonged lull. This was despite a premium valuation at around $4 billion (it is twice as valued compared with the combined valuation of peers Jet Airways and SpiceJet). 
 
For a perspective, InterGlobe Aviation Ltd, which runs the carrier, raised $453.52 million last month through its initial public offering, which was the largest IPO since telecom tower firm Bharti Infratel Ltd raised $750 million in December 2012. 
 
IndiGo’s blockbuster market entry is a sharp contrast to the debut of Coffee Day Enterprises Ltd (that runs India’s largest cafe chain Cafe Coffee Day) as it struggled to sail through and revive hopes that the <a href="http://www.businessinsider.in/searchresult.cms?query=ipo+market">IPO market</a> in India is finally turning around. 
 
Last two years have been a dismal period for the primary market in the country, reflecting the lack of momentum that prevailed across the broader market prior to the Narendra Modi-led Indian government assumed power. 
 
The lacklustre history of the IPOs, launched in the last decade and underperformed, also proved to be a dampener for investors who have already been skeptical about the slow pace of structural reforms that are needed to revive market sentiments. 
 
Complex listing rules also pulled back companies from tapping the primary market to raise funds—till recently the IPO market was governed by archaic rules that have existed for decades. 
 In addition, companies, especially those in the booming technology sector, have been exploring alternative sources of finance. For example, while e-commerce major <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> raised more than $1billion from Private Equity investors over the last one year, its close competitor <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> raised close to $1billion. Ola, India’s leading taxi-hailing app, which raised roughly $650 million from Private Investors recently, is another example of next-generation technology-driven startups that are tapping the PE source of funding for growth. 
 
However, the prospects of the IPO market seem to be changing. More than a dozen companies have filed draft papers with markets regulator <a href="http://www.sebi.com/">SEBI</a> for public offers since the new government took charge at the Centre in May 2014. Besides, many companies, which scrapped their IPO plans earlier due to bad market conditions, have been keen to make another attempt to enter the capital markets. 
 
These translated in to a modest uptick in IPOs during 2015, after two years when the primary markets were almost dead. Though the money raised through IPOs this year is small compared with $8 billion raised in 2010, the last time Indian primary markets really took off. But, it is believed to be a trigger for more sizable IPOs going ahead. 
 
The renewed confidence of investors, especially FIIs, after the <a href="http://www.businessinsider.in/searchresult.cms?query=Modi">Modi</a> government took over contributed to the revival of the secondary market—where investors trade previously issued securities—which peaked over a year since BJP came to power and thus provided fodder for an uptick of the primary market as well. 
 
Of course, the markets are seeing a correction—bench market indices BSE Sensex and Nifty lost more than 10% over two months—driven by the slower growth numbers reported by China. 
 
However, India’s long-term story remains intact as it can turn China’s pain into its gain as an alternative investment destination for large FIIs. 
India continues to be among the most favoured by emerging market investors given the country's strengthening macro fundamentals. Though concerns over the economy as well as cultural tolerance have risen recently, they haven't hampered investor sentiment significantly. 
 
Also, as indicated by the government’s move on Tuesday to further relax FDI norms in over 15 sectors, including defence, realty and broadcasting, the policy initiative to bring in structural reforms is still well on track. Therefore, the chances of a continued revival of the primary market are bright. 
 
The IPO activity is expected to gain more momentum driven by the enhanced need for the companies to go beyond the Private Equity route to raise capital for growth and expansion. Many companies and investors are also turning to the IPO route as a preferred option for generating liquidity. 
 
The renewed interest in IPOs is also driven by private-equity backed firms which are capitalising on the positive market sentiment to provide an exit for their investors. 
 
According to Dealogic, Indian companies have raised around $1.03 billion via IPOs so far this year, well above the $282 million for all of last year and $295 million in 2013. More companies in sectors such as banking and financial services, technology, logistics and pharma are expected to tap primary markets in the near future. 
 
While size of the IPOs raised in India remain relatively small compared with those seen in the US or other Asian financial capitals such as Hong Kong and Tokyo, the uptick in the primary market proves that activity seen by the secondary markets after May 2014 is not just an aberration and strengthens India’s status as a preferred investment destination amid shades of gloom elsewhere, including China. 
 
(Image: Thinkstock)

You Searched For "ola cell technologies private ltd" and got 9 results

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

IANS

No, Ola Cabs in Delhi is still not permitted to operate taxi service

BI India Bureau

Battery start-up Log9 Material raises $40 million Series B funding from Amara Raja, Petronas and others

PTI

Charging infra improvement can reduce range anxiety for EVs: Tata Motors MD

ANI

BYD launches EV Atto 3 SUV

IANS

Got drug controller nod for Favipiravir's clinical trial on COVID-19 patients: CSIR DG

PTI

COVID-19:CSIR institute to conduct clinical trials of antiviral drug Umifenovir

PTI

The primary Indian market is gaining momentum and it is not an aberration. Here’s why

Preetam Kaushik

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

BI India Bureau

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