Telangana attracts over Rs 2,450 crore investment from EV makers

The state of Telangana which announced its EV policy today has said a numner of electric vehicle makers have committed investment in the state to manufacture and sell the eco-friendly vehicles.

The Minister for IT and Industries, Kalvakuntla Taraka Rama Rao said, “We invite the Industry to come and make Hyderabad their manufacturing base as we believe local production is the key to achieve price/performance parity and enable faster adoption of electric vehicles.”

He highlighted the 3D mantra - Decarbonisation, Digitisation and Decentralisation – for sustainable development at the Telangana EV Summit 2020.

The government signed a number of MoUs in the EV space, including Olectra, Mytrah Energy and ETO Motors among others. As per the official announcement, Olectra will set up an electric bus manufacturing unit with an investment of Rs 300 crore, which will lead to creation of 3,500 direct and indirect employment opportunities.

Mytrah Energy looks to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore, that will generate 7,000 direct and indirect employment opportunities.

Furthermore, electric three-wheeleer maker ETO Motors will set up a manufacturing unit with an investment of Rs 150 crore, which will lead to direct and indirect job opportunities for 1,500 people in the state.

NK Rawal, MD, ETO Motors said, “The new EV policy of Telangana government is aimed to create a sustainable ecosystem for EVs in the state including manufacturing, design, and adoption. It also comes at the right time when the EV segment is poised to grow at a significant rate considering the demand from the booming e-commerce side apart from policy push from the central government. The tail-wind being created from the demand and policy perspective makes us bullish for the electric vehicle segment. The new plant will help us cater to the increasing interest we are witnessing from the e-commerce and 3rd party logistics players in our products that are not only equipped to handle the decent load but are also capable to run in diverse terrains.”

Also read: Telangana announces EV and energy storage policy