South Korean electronic vehicle maker Edison Motors to invest Rs 5,000

Lucknow: The South Korean company Edison Motors, from the electric vehicles manufacturing sector, has expressed willingness to invest Rs 50 billion in India. The company has shown interest in setting up its project in the state of Uttar Pradesh (UP) in India. YK Lee, the Managing Director of the company, along with his delegation, met UP Chief Minister Yogi Adityanath for this purpose, and the Chief Minister has assured them all the possible assistance. Confidence is being expressed that this big-ticket investment will generate employment opportunities in the state and provide a thrust to the local industry.

On Monday, UP Chief Minister met the delegation from Edison Motors. YK Lee expressed interest in investing in the state of UP. UP Chief Minister Yogi Adityanath welcomed the suggestion and assured that the company would not face any obstacles. Edison Motors has expressed interest in setting up the project in Gautam Nagar and area near the Yamuna Expressway near Lucknow. UP government has started the process of land acquisition in these areas.

Edison Motors will be investing Rs 5 to Rs 7 billion in the first phase, Rs 10 to Rs 15 billion in the second phase and Rs 20 to Rs 30 billion in the third phase. The jobs generated will be 2,000 in the first phase, 3,000 in the second phase and 5,000 in the third phase. Edison Motors will be manufacturing 90% of the vehicles and their spares in the UP project. This will benefit the micro, small and medium industries in the state. UP government recently announced a new investment policy. The new policy will provide an impetus to the existing and upcoming industrial projects.