Triton Electric Vehicle Pvt. Ltd has entered into a Memorandum of Understanding (MoU) with the Telangana government for setting up of a manufacturing unit for electric buses in Zaheerabad.
Principal Secretary Jayesh Ranjan and Triton Electric Vehicle Founder and CEO Himanshu B. Patel signed the MoU today, according to a statement.
With an investment of ₹2,100 crore, Triton Electric Vehicle proposes to establish an ultra-modern electric vehicle manufacturing unit. The project expects to employ more than 25,000 persons and produce 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, and rickshaws.
The Telangana government will provide the required land to the firm through TSIIC at NIMZ Zaheerabad.
State Industries Minister Minister KT Rama Rao said Telangana is fast transforming into a favourite destination for the electric vehicle manufacturing sector. The Government will extend support to Triton to acquire the necessary approvals for setting up their facility.
The Minister assured the firm of extending various incentives applicable for a mega project under the guidelines.
Himanshu Patel said the company company is seeking to cater to the increasing demand for electric vehicles. The company looked into investment opportunities in various states across the country and finally decided on Telangana due to its attractive industrial policy.