New Delhi, Nov 2 (PTI) 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.

Also Read | AirAsia Sells Remaining Stake in AirAsia India to Tata Group-Owned Air India.

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.

Also Read | ITBP Recruitment 2022: Applications Invited for 293 Constable and Other Posts at recruitment.itbpolice.nic.in; Here's How To Apply.

"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)