Triton Electric Vehicle to invest Rs 2,100 crore in Telangana
Gearing up to set up its EV manufacturing plant in Zaheerabad National Investment and Manufacturing Zone with a potential to create 25,000 jobs
Hyderabad: Telangana has attracted another major investment in the electric vehicle (EV) sector. The State government has signed a memorandum of understanding with the EV manufacturer Triton Electric Vehicle to invest Rs 2,100 crore in the State to establish an ultra-modern plant.
Triton CEO Himanshu B Patel who interacted with Telangana Industries Minister KT Rama Rao via video conference on Thursday explained the strategic expansion the company is taking up in the fast growing EV space to meet the consumer demand. The company is all set to establish a manufacturing plant in the country and after thorough evaluation of the opportunities available in different States, it has zeroed in on Telangana to make the State hub for its manufacturing activity, after seeing its industry-friendly policies.
Triton, which has seen the advantage of investing in Telangana, has opted to set up its unit in the National Investment and Manufacturing Zone (NIMZ) at Zaheerabad.
Appreciating the company to choose Telangana for its manufacturing facility, KTR said that the facility will enable large scale manufacturing of electric vehicles in the State and as per the company’s project implementation plan, Triton will be able to make over 50,000 sedans, semi-trucks, luxury SUVs, e-rickshaws and other electric vehicles within five years of its operations. The Rs 2,100-crore mega unit will also create 25,000 jobs.
Stating that the EV policy formulated by Telangana is the best in the country, KTR assured that the State government will extend all the benefits under the TS-iPASS Mega Projects criteria that Triton is eligible for through this investment. The Minister emphasised that the State has all the potential to become the major investment destination for the EV sector.
Jayesh Ranjan, principal secretary of Telangana State and founder and CEO Triton EV signed the MoU in the presence of KT Rama Rao, Minister of Municipal Administration & Urban Development, Industries, and IT & Commerce, Government of Telangana, and Mohammed Mansoor, Head of Development, India for Triton EV.
One may recall Telangana government signed MoUs October last year with five companies with a cumulative commitment of Rs 3,200 crore, with a potential to add over 14,500 jobs in the State. These companies include Mytrah Energy which committed an investment of Rs 2,000 crore, PUR Energy to invest Rs 500 crore, Olectra with an investment of Rs 300 crore, Gayam Auto Works to invest Rs 250 crore and ETO Motors towards an investment of Rs 150 crore.
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