6 electric vehicle firms to invest 2,500 crore in Telangana
FinMin issues clarifications on interest-on-interest waiver scheme
Hyderabad: As many as six firms in the electric mobility space will set up their facilities in Telangana with an investment of over Rs 2,500 crore. They signed MoUs with the Telangana government soon after it launched an exclusive policy for electric vehicle segment.
These firms including Mytrah Energy, Olectra Greentech and ETO Motors on Friday signed memoranda of understanding with the state government.
The biggest investment is proposed to be made by Mytrah Energy. It plans to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore. This is expected to generate direct and indirect employment opportunities to about 7,000 people.
Olectra Greentech Limited, a listed electric mobility company, will set up an electric bus manufacturing unit with an investment of Rs 300 crore.
The firm, which supplies electric buses to various state road transport corporations, will create direct and indirect employment opportunities to 3,500 persons through this plant.
Under another MoU, ETO Motors will set up an electric vehicle manufacturing unit with an investment of Rs 150 crore. The firm will bring direct and indirect employment opportunities to about 1,500 people.
The MoUs were signed at a ceremony at Telangana Electric Vehicle Summit, where Industry Minister KT Rama Rao also unveiled the Telangana Electric Vehicle and Energy Storage Policy 2020-2030.
Pure EV, the IIT Hyderabad incubated manufacturer of electric two-wheelers and advanced Lithium-Ion batteries for electric mobility, also plans to set up a manufacturing base.