Triton Electric Vehicle Pvt. Ltd. entered into an MoU with the Telangana government to set up a manufacturing unit for electric vehicles at the National Investment and Marketing Zone at Zaheerabad. The MoU was signed in the presence of IT and Industries Minister KT Rama Rao by the Principal Secretary for IT and Industries Jayesh Ranjan and Triton Electric development head M Mansoor.
The official release said that “With an investment of INR 2,100 Crore, Triton Electric Vehicle Pvt.Ltd will establish an ultra-modern electric vehicle manufacturing unit in Telangana. The project will 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 land will be provided by the State Government through Telangana State Industrial Infrastructure Corporation at NIMZ Zaheerabad. KT Rama Rao also added that the government will help the firm to acquire all the necessary permissions to set up the facility. He also assured the firm that they will be provided several incentives under the TSIIC guidelines.
Telangana is turning into the new hotspot for the manufacturing of electric vehicles. Triton EV CEO Himanshu B Patel informed the Minister that their firm is growing fast to cater to the increasing demand for electric vehicles. He also added that the firm examined various investment opportunities in other states of the country and finally decided to set up the facility in Telangana after seeing its homely industrial policies.
Triton EV To Set-up Facility In Telangana
The Telangana Industries Minister after welcoming Triton EV as the new investor said that the new plant will bring in large-scale manufacturing of electric vehicles in the state.
Triton’s Indian EV project will manufacture EVs worth Rs 2,100 crores within the five years of beginning operation. Telangana announced its EV policy in October 2020, during which the state government had signed numerous MoUs including those with Olectra, Mytrah Energy, and ETO Motors. Olectra aims to set up an electric bus manufacturing unit with an investment amount of Rs 300 crores, Mytrah Energy aims to set up an electric bus manufacturing unit with an investment of up to Rs 2,000 crores, and electric three-wheeler manufacturer ETO Motors will set up the manufacturing unit at an investment of Rs 150 crores. All these projects have the potential of creating up to 5000 jobs in the state.