South Korean electric vehicle giant Edison Motors is looking to invest almost Rs 5,000 crore in Uttar Pradesh.
The company has planned to invest Rs 500-700 crore in first phase, Rs 1,000-1,500 crore in second phase and Rs 2,000-3,000 crore in third phase of its proposed e-vehicle manufacturing facility, which will create fresh job opportunities for 10,000 people.
In this regard, Edison Motors MD Y K Lee met UP chief minister Yogi Adityanath in Lucknow on Monday. The CM assured the Korean delegation of extending full support of the government.
In fact, the state is already in the process of amending the existing electric vehicle policy to woo investors.
Edison Motors has said it would source 90% of its raw material from local vendors, which would promote the local micro, small and medium enterprises (MSME) in UP. The company is looking for land in the vicinity of Lucknow and the Yamuna Expressway for its maiden plant in the state.
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