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German firm, Liteauto GmbH to invest Rs 1,500 cr in Telangana
German firm, Liteauto GmbH to invest Rs 1,500 cr in Telangana
A German firm, Liteauto GmbH, is set to invest Rs 1,500 crore with its new plant in Telangana. With its establishment, the company would create a direct employment to 9,000 people and 18,000 people indirectly.
A German firm, Liteauto GmbH, is set to invest Rs 1,500 crore with its new plant in Telangana. With its establishment, the company would create a direct employment to 9,000 people and 18,000 people indirectly. The company will manufacture magnesium products related to commercial vehicles and two-wheelers.
Liteauto GmbH on Monday signed a pact with Telangana government in the presence of IT minister KT Rama Rao aned Industries Principal Secretary Jayesh Ranjan.
Speaking on the occasion, minister KT Rama Rao said that the Telangana government welcomes the german firm to invest in the state. The government has provided 2,000 acres for setting up the industry, he added.
Meanwhile, the company Managing Director Balanand Jaladi said that Telangana was chosen due to its industry friendly policies and also presence of aerospace, defense and automotive ecosystems. It has been making magnesium components under a pilot in Telangana for some time now and they were being shipped to Germany for advanced research and development.
