Triton Electric Vehicle Pvt Ltd from the US has announced it will be setting up a manufacturing unit for electric vehicles at the National Investment & Manufacturing Zone at Zaheerabad, Telangana.
The company will establish an ultra-modern electric vehicle manufacturing unit with an investment of ₹2,100 crores in the State. The decision came after the official release on the MoU signing here on Thursday in the presence of Industries and IT Minister K.T. Rama Rao.
The project will employ more than 25,000 persons and produce 50,000 vehicles over the first five years. It includes semi-trucks, sedans, luxury SUVs, and rickshaws.
The release claimed that the State government will provide the required land to the firm through Telangana State Industrial Infrastructure Corporation at NIMZ Zaheerab.
Thanking Triton leadership for the decision to invest in the State, IT minister Mr. Rao said Telangana is fast emerging as a favorite destination for the EV manufacturing sector.
Triton Electric Vehicle CEO and founder Himanshu B. Patel, who joined the event virtually, said the company is expanding to cater to the increasing demand for EVs.