Hyderabad: The Telangana government on Thursday signed a memorandum of understanding with Triton Electric Vehicle to invest Rs. 2,100 crore in the state to establish an ultra-modern plant in Zaheerabad.
Triton CEO Himanshu B. Patel who met the Telangana industries minister, K.T Rama Rao, at Pragathi Bhavan on Thursday explained the strategic expansion the company is taking up in the fast-growing EV space to meet the consumer demand.
"Delighted to announce that Triton EV - a leading US based Electric Vehicle company will be investing ₹ 2,100 Crores to establish an ultra-modern EV manufacturing unit at NIMZ, Zaheerabad in Sangareddy district. An MoU is signed between Triton EV & Govt of Telangana today," tweeted KTR.
With an investment of ₹2,100 crore, Triton Electric Vehicle proposes to establish an ultra-modern electric vehicle manufacturing unit. The project expects to 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 Telangana government will provide the required land to the firm through TSIIC at NIMZ Zaheerabad. KTR said Telangana is fast transforming into a favourite destination for electric vehicle manufacturing sector. The government will extend support to Triton to acquire the necessary approvals for setting up their facility, he said.
The minister assured the firm that the state will extend various incentives applicable for a mega project under the guidelines. Mr. Patel said the company is seeking to cater to the increasing demand for electric vehicles and was looking into investment opportunities in various states across the country. It had finally decided on Telangana due to its attractive industrial policy.