Triton EV, Guj govt. ink MoU worth Rs. 10,800 crore for setting up EV plant in Gujarat
US-based Triton Electric Vehicle LLC has announced that it has signed an agreement with the Gujarat government to set up a commercial electric vehicle manufacturing plant at Bhuj in the Kutch district with a total investment of Rs 10,800 crore.
As per the pact, Triton Electric Vehicle will set up the plant over 645-acre land with an annual production capacity of 50,000 trucks, said a declaration from the office of Chief Minister Bhupendra Patel.
The state government will support in providing necessary approvals and registration process for the establishment of this plant under the present policy, it said.
Triton Electric Vehicle will begin the plant with a preliminary investment of Rs 1,200 crore in the current financial year. The company's total investment will be Rs 10,800 crore. The plant will create direct and indirect employment opportunities for about 10,000 people, the statement said.
The company will also set up in-house facilities like a robotic paint shop, chassis sub-assembly, and quality assurance and material testing lab.
The agreement was signed between Rajiv Kumar Gupta, Additional Chief Secretary of Industries and Mines Department, on behalf of the Gujarat government, and Himanshu Patel, founder, and CEO of Triton Electric Vehicle, in the presence of the chief minister in Gandhinagar.
Hon'ble Chief Minister of Gujarat State, Mr. Bhupendrabhai Patel said "India is undoubtedly becoming a world leader in multiple areas. EV is one of them and with such investment from Triton EV we are excited to look at the journey ahead. This manufacturing plant will not only create jobs but will also become a major driver of India's exports output. Gujarat as a state is known for its entrepreneurial commitments over the last few decades and Gujarat is known for its economic success stories. This (Triton EV) will be the next level of our success stories."
Himanshu B Patel, Founder & MD of Triton EV stated "This is a very important milestone for us as well as for the Indian EV Manufacturing space. We are extremely excited to sign this MoU with the Gujarat Government as we are all set to build a great Integrated manufacturing ecosystem for EVs which will be known as the world's finest EV manufacturing hub. This eventually will also be the world's leading and Asia's biggest hub in its category. We are thankful to the Hon'ble Chief Minister of Gujarat for believing in our vision and plan. The EV Manufacturing hub in Gujarat will generate employment for over 10 thousand people in the next 5 years."
The company produces electric semi-trucks, SUVs, electric sedans, defense EVs and e-rickshaws in the US, the release said.
