Telangana government's Department of Industries and Commerce entered into a Memorandum of Understanding (MOU) with the US-based company for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad.
The leading US-based Electric Vehicle manufacturer, Triton Electric Vehicle Pvt. Ltd. will invest Rs 2,100 crore in Telangana to set up its new manufacturing unit, IT and Industries Minister KT Rama Rao announced Thursday. Triton’s investment in an ultra-modern EV manufacturing unit will create employment opportunities for 25,000 local youth, the minister said.
Telangana government’s Department of Industries and Commerce entered into a Memorandum of Understanding (MOU) with the US-based company for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad. Principal Secretary (IT and Industries) Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd CEO & Founder Himanshu B. Patel signed the MoU in the presence of the minister and other officials.
An official statement from the minister’s office said 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. For this purpose, the Government of Telangana will provide the required land to the firm through TSIIC at NIMZ Zaheerabad.
Triton Electric Vehicle Pvt. Ltd CEO & Founder Himanshu B. Patel informed the Minister that their company is fast expanding to cater to the increasing demand for electric vehicles. He added 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.
Thanking Triton for choosing Telangana, KTR said that the state is fast transforming into a favorite destination for the electronic vehicle manufacturing sector. He added that the state government will support Triton to acquire the necessary approvals for setting up their facility and assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.
The New Jersey-based company has been redefining the automotive industry with its fresh approach to the design and assembly of electric vehicles. Triton EV’s first electric vehicles are zero-emission electric passenger cars, buses, semi-trucks, and three-wheelers. These vehicles are part of Triton EV’s integrated transportation ecosystem which also includes charging infrastructure and digital products, the company stated.
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