US-based Triton Electric Vehicle company will set up its manufacturing unit in Telangana with Rs 2100 crore investment.
In the presence of Telangana IT and Industries Minister K T Rama Rao (KTR), Triton Electric Vehicle Pvt Ltd entered into a Memorandum of Understanding (MoU) with the state government on Thursday for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad.
The MoU was signed by Principal Secretary (IT and Industries) Jayesh Ranjan and Triton Electric Vehicle Pvt Ltd CEO and Founder Himanshu B. Patel.
With an investment of Rs 2100 Crores 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 Government of Telangana will provide the required land to the firm through TSIIC at NIMZ Zaheerabad.
While thanking the heads of Triton for coming forward to invest in Telangana on the occasion, the Minister said Telangana is fast transforming into a favorite destination for the electronic vehicle manufacturing sector.
He said that the government will extend complete support for Triton to acquire the necessary approvals for setting up their facility.
Minister KTR assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.
Mr Himanshu B. Patel informed Minister KTR that their company is fast expanding to cater to the increasing demand for electric vehicles.
He said that the company has looked into investment opportunities in various states across the country and finally decided to set foot in Telangana after seeing its friendly industrial policies.