The government of the Indian state of Maharashtra has presented Gogoro, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, with an offer letter to enter into an “Ultra Mega Project” agreement.
The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. Gogoro would manufacture vehicles, smart-battery packs and battery-swap stations, and deploy an open, accessible battery-swapping infrastructure in Maharashtra later this year.
With more than 120 million residents, Maharashtra has India’s largest economy, with a gross domestic product of more than $450 billion, which accounts for 16 percent of India’s industrial output.
The offer letter follows a memorandum of understanding between Maharashtra and Gogoro that was previously announced in January. Gogoro is expected to lead the increase of foreign direct investment into the state of
