Hyderabad

Triton EV to invest ₹2,100 cr. in Telangana

Electric vehicle maker Triton Electric Vehicle has entered into an MoU with Telangana government for establishing a manufacturing unit for electric buses at the National Investment and Manufacturing Zone (NIMZ), Zaheerabad.

The company will establish an ultra-modern electric vehicle manufacturing unit with an investment of ₹2,100 crore in the State, said an official release on the MoU signing here on Thursday in the presence of Industries and IT Minister K.T. Rama Rao.

Under the project 50,000 vehicles will be rolled out over the first five years, including semi-trucks, sedans, luxury SUVs and rickshaws. The project will create job opportunities for more than 25,000 people. The required land will be provided, to the firm, at NIMZ, Zaheerabad, through the Telangana State Industrial Infrastructure Corporation (TSIIC).

Thanking Triton leadership for the decision to invest in the State, Mr. Rao said Telangana is fast emerging as a favourite destination for EV manufacturing sector. The State government will extend support to Triton in getting the necessary approvals for setting up of the plant. The Minister also assured the firm of incentives applicable for a mega project under the TSIIC guidelines, the release said.

Triton Electric Vehicle CEO and founder Himanshu B. Patel, who joined the event virtually, said the company is expanding to cater to the increasing demand for EVs. He said the company had looked at investment opportunities in various States across the country and decided on Telangana in view of the State’s industry friendly policies.

Industries and IT Secretary Jayesh Ranjan and Mohammed Mansoor, Head Of Development, India for Triton EV participated in the MoU signing programme. Triton EV is based in New Jersey, U.S. and a subsidiary of Triton Solar, which is into solar panel and battery engineering.


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Printable version | Jul 24, 2021 7:37:51 PM | https://www.thehindu.com/news/cities/Hyderabad/triton-ev-to-invest-2100-cr-in-telangana/article34956295.ece

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