Triton EV to set up manufacturing facility worth Rs. 2,100 crore in Telangana
Triton Electric Vehicle Pvt. Ltd has announced that it has arrived at a Memorandum of Understanding (MoU) with the Telangana government for setting up a manufacturing unit for electric buses in Zaheerabad.
Principal Secretary Jayesh Ranjan and Triton Electric Vehicle Founder and CEO Himanshu B. Patel signed the MoU, as per the declaration.
With an investment of ₹2,100 crore, Triton Electric Vehicle recommends instituting an ultra-modern electric vehicle manufacturing unit. The project anticipates to employ more than 25,000 persons and produce 50,000 vehicles over the first five years, comprising semi-trucks, sedans, luxury SUVs, and rickshaws.
The Telangana government will deliver the requisite land to the firm through TSIIC at NIMZ Zaheerabad.
State Industries Minister KT Rama Rao said Telangana is fast transforming into a favorite destination for the electric vehicle manufacturing sector. The Government will extend support to Triton to acquire the necessary approvals for setting up their facility.
The Minister guaranteed the firm of extending various incentives applicable for a mega project under the guidelines.
Himanshu Patel said the company is pursuing to cater to the increasing demand for electric vehicles. The company looked into investment opportunities in several states across the country and lastly decided on Telangana due to its striking industrial policy.