Hyderabad

UAE Group to invest ₹ 250 cr. for electric 2-wheeler plant

UAE-based group Meta4 will be investing ₹ 250 crore, through Voltly Energy, to establish an electric two-wheeler manufacturing unit in Telangana.

The State government, with which the company has already signed a memorandum of understanding, will be providing 15 acres of subsidised land in the National Investment and Manufacturing Zone at Zaheerabad, Meta4 said on Monday.

The company aims to make the plant operational by this financial year. Voltly Energy plans to manufacture at least 40,000 units in the first phase of the plant. The capacity can be scaled upto one lakh units within the next three years. The thrust of the manufacturing facility will be on major automation integration, including latest semi-robotics and cutting-edge manufacturing machinery. The plant will create nearly 500 direct and 2,000 indirect jobs.

Industries and IT Minister K.T.Rama Rao, in the release, assured all support to Voltly Energy in terms of acquiring necessary approvals for the facility as well as incentives applicable for a megaproject under the TSIIC guidelines.

The plan is serve customers in India as well as export vehicles, said Aditya Reddy, Director of Voltly Energy. The company said the manufacturing will include batteries and charging stations.


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Printable version | Aug 3, 2022 4:23:42 pm | https://www.thehindu.com/news/cities/Hyderabad/uae-group-to-invest-250-cr-for-electric-2-wheeler-plant/article65524704.ece