Triton Electric Vehicle Pvt Ltd to set up Rs 2,100 cr manufacturing facility in Telangana

Telangana has garnered yet another significant investment in the electric vehicle (EV) sector. The state government has inked an agreement with EV producer Triton Electric Vehicle to invest Rs 2,100 crore in the state to build a cutting-edge plant, said reports. Triton CEO Himanshu B Patel spoke via video conference with Telangana Industries Minister KT Rama Rao on Thursday, June 24, about the company's strategic expansion in the fast-growing EV industry to suit consumer demand, said reports. The company is planning to open a manufacturing plant in the country, and after a thorough assessment of the opportunities available in several states, it has decided to make Telangana the state hub for its manufacturing activities, owing to its industry-friendly regulations.

Triton Electric Vehicle Pvt Ltd invests in Telangana

Triton, seeing the benefits of investing in Telangana, has chosen to locate its business at Zaheerabad's National Investment and Manufacturing Zone (NIMZ), according to reports. KTR praised the company for choosing Telangana for its manufacturing facility, saying that it will enable large-scale production of electric vehicles in the state, and that, according to the company's project implementation plan, Triton will be able to produce over 50,000 sedans, semi-trucks, luxury SUVs, e-rickshaws, and other electric vehicles within the first five years of operations. Reportedly, 25,000 employment will be created as part of the Rs 2,100 crore mega project. 

Triton factory in Telangana

KTR stated that the State government will give all benefits under the TS-iPASS Mega Projects criterion that Triton is entitled to through this investment, claiming that Telangana's EV policy is the best in the country. The Minister emphasized that the state has all of the essential components to become a significant EV investment destination. Reportedly, in the presence of KT Rama Rao, Minister of Municipal Administration & Urban Development, Industries, and IT & Commerce, Government of Telangana, and Mohammed Mansoor, Head of Development, India for Triton EV, the MoU was signed by Jayesh Ranjan, principal secretary of Telangana State and founder and CEO of Triton EV.

Picture Credit: @KTRTRS