Telangana has secured yet another massive investment in the electric vehicle (EV) sector. The government concluded an MOU agreement with Triton Electric Vehicle, an EV manufacturer, to invest Rs 2,100 crore in the state to construct an ultra-modern plant.
Triton EV and the Telangana government announced that this facility, which will cover a million square feet, will create close to 24,000 jobs in the state. According to the announcement, Triton EV plans to invest $1.5 billion in this manufacturing facility over the next five years. In the next few months, the first installment – $300 million will be injected.
Triton CEO Himanshu B Patel discussed the company’s strategic expansion in the fast-growing electric vehicle industry with Telangana Industries Minister KT Rama Rao via video conference on Thursday. After a detailed evaluation of the opportunities available in several States, the company has decided to make Telangana the state hub for its manufacturing activities, owing to its industry-friendly policies. According to Patel, they already have $2.2 billion in purchase orders from India. In addition, Triton has also received an order for 3000 electric vehicles from the Telangana government itself.
Delighted to announce that Triton EV – a leading US based Electric Vehicle company will be investing ₹ 2,100 Crores to establish an ultra-modern EV manufacturing unit at NIMZ, Zaheerabad in Sangareddy district
An MoU is signed between Triton EV & Govt of Telangana today pic.twitter.com/HeHG6wHdw3
— KTR (@KTRTRS) June 24, 2021
Triton, seeing the benefits of investing in Telangana, has chosen to locate its facility at Zaheerabad’s National Investment and Manufacturing Zone (NIMZ). KTR appreciated the company’s decision to make the production site Telangana and said Triton could make over 50,000 sedans, semi-trucks, luxury SUVs, e-rickshaws, and others EVs within five years of its operation, according to the company’s implementation plan of the project. The company was also very interested in the production and production of electric vehicles at Telangana. Approx 24,000 jobs will be created as part of the Rs 2,100 crore mega project.
Triton EVs will be manufactured at the factory not just for the Indian market but also for Bangladesh, Sri Lanka, Nepal, and the Middle East. Tesla Motors is also planning to enter India this year, with plans to open a research and development (R&D) facility in Bengaluru. In contrast to Triton, only Tesla will focus on sales and not produced in the Indian market. However, by providing subsidies and other perks, the Indian government tried to bring Elon Musk into manufacturing.
In the presence of KT Rama Rao, Minister of Municipal Administration & Urban Development, Industries, and IT & Commerce, Government of Telangana, Mohammed Mansoor, Head of Development, India for Triton EV, Jayesh Ranjan, Principal Secretary of State with CEO Triton EV, signed this MoU.