Triton Electric Vehicle to invest Rs. 2,100 Cr in Telangana

Hyderabad, June 24 (INN): The Triton Electric Vehicle Pvt Ltd will set up a manufacturing unit in Telangana State with an investment of Rs. 2,100 Crores.

In the presence of IT and Industries Minister K. Tarakarama Rao, the Department of Industries & Commerce, Govt. of Telangana and Triton Electric Vehicle Pvt. Ltd entered into a Memorandum of Understanding (MoU) for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad.

Principal Secretary Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd CEO & Founder Mr. Himanshu B. Patel signed the MoU today.

With an investment of Rs 2100 Crores Triton Electric Vehicle Pvt. Ltd will establish an ultra-modern electric vehicle manufacturing unit in Telangana. The project will 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 Government of Telangana will provide the required land to the firm through TSIIC at NIMZ Zaheerabad. Minister KTR thanked the heads of Triton for coming forward to invest in Telangana.

Telangana is fast transforming into a favorite destination for the electronic vehicle manufacturing sector, said Minister KTR. He added that the Government of Telangana will extend complete support for Triton to acquire the necessary approvals for setting up their facility.

Minister KTR assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.

Triton Electric Vehicle Pvt. Ltd CEO & Founder Mr. Himanshu B. Patel informed Minister KTR that their company is fast expanding to cater to the increasing demand for electric vehicles. He added that the company has looked into investment opportunities in various states across the country and finally decided to set foot in Telangana after seeing its friendly industrial policies.

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