US-based Triton EV has signed a Memorandum of Understanding with the government of Telangana to invest Rs 2,100 crore in a state-of-the-at electric vehicle manufacturing plant at the National Investment & Manufacturing Zone (NIMZ) in the Sangareddy district, Zaheerabad.
The MoU was signed by Jayesh Ranjan, principal secretary of Telangana State and Triton EV CEO Himanshu Patel in the presence of KT Rama Rao, Minister of Industries, IT & Commerce, government of Telangana and Mohammed Mansoor, Head of Development – India, Triton EV.
The company has, for some time, been scouting for locations in India to set up its plant. On April 5, 2011, Triton’s CEO and founder Himanshu Patel had had a virtual meeting with the Karnataka chief minister.
According to a report yesterday in Telangana Today, Triton CEO Himanshu Patel who, had a virtual meeting with KT Rama Rao, Telangana Industries Minister, said the company has zeroed in on Telangana and its industry-friendly policies, after thoroughly evaluating investment opportunities in various states across India. It is understood that Triton EV will be extended benefits under the TS-iPass Mega Projects criteria.
Welcoming Triton EV as a new investor in the state, the Telangana Industries Minister said the new plant will help bring about large-scale manufacturing of EVs in the state. As per Triton EV’s planned India project, the Rs 2,100 crore plant will manufacture over 50,000 sedans, semi-trucks, luxury SUVs as well as electric rickshaws within five years of beginning operation.
Telangana had announced its EV policy in October 2020. At the time, the state government had signed a number of MoUs including those with Olectra, Mytrah Energy and ETO Motors. While Olectra is to set up an electric bus manufacturing unit with an investment of Rs 300 crore, Mytrah Energy aims to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore. And, electric three-wheeler maker ETO Motors will set up a manufacturing unit with an investment of Rs 150 crore. All these projects, along with the just-announced Triton EV investment, have the potential to create over 5,000 new jobs in the state.
Lead image courtesy: Minister of IT & Industries, Telangana/Twitter