Hyderabad: Triton Electric Vehicle Pvt Ltd an electric vehicle company from US has announced that it will be setting up a manufacturing unit for electric vehicles at the National Investment & Manufacturing Zone at Zaheerabad, Telangana.
The EV company on Thursday entered into a MoU with the Telangana government for setting up a manufacturing unit for electric vehicles. The EV company is a subsidiary of Triton Solar.
According to an official release by the company, Principal Secretary for IT and Industries Jayesh Ranjan and Triton Electric Vehicle Pvt Ltd India development head M Mansoor signed the MoU in the presence of IT and Industries Minister KT Rama Rao.
"With an investment of ₹2,100 Crore, 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," it said.
The release claimed that the State government will provide the required land to the firm through Telangana State Industrial Infrastructure Corporation at NIMZ Zaheerabad.
Rama Rao said the government will extend complete support for the company to acquire the necessary approvals for setting up the facility.