Rs 2,100-crore Electric vehicle manufacturing unit to come up in Zaheerabad
The Government of Telangana on Thursday entered into an agreement with the Triton Electric Vehicle Private Limited for establishing a manufacturing unit for electric buses at NIMZ, Zaheerabad, with an investment of Rs 2,100 crore
Hyderabad: The Government of Telangana on Thursday entered into an agreement with the Triton Electric Vehicle Private Limited for establishing a manufacturing unit for electric buses at NIMZ, Zaheerabad, with an investment of Rs 2,100 crore.
The Memorandum of Understanding (MoU) was signed by the officials in the presence of Industries Minister KT Rama Rao, Principal Secretary Jayesh Ranjan and Triton Electric Vehicle CEO and Founder Himanshu B Patel.
With an investment of Rs 2,100 crore, the Triton Electric Vehicle would establish an ultra-modern electric vehicle manufacturing unit in Telangana.
The project would employ more than 25,000 persons and produce 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, and rickshaws. The Government would provide the required land to the firm through TSIIC at NIMZ Zaheerabad. The Industry Minister thanked the heads of Triton for coming forward to invest in Telangana.
Telangana is fast transforming into a favorite destination for the electronic vehicle manufacturing sector, said KTR. He said that the government would extend complete support for Triton to acquire the necessary approvals for setting up their facility. KTR assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.
Triton Electric Vehicle CEO Himanshu B Patel informed the Minister that their company was fast expanding to cater to the increasing demand for electric vehicles. He added that the company has examined the investment opportunities in various states across the country and finally decided to set foot in Telangana after seeing its friendly industrial policies.