Hyderabad: Triton Electric Vehicle Pvt Ltd and the Telangana government today entered into a Memorandum of Understanding (MoU) for the establishment of a manufacturing unit for electric buses at Zaheerabad. The MoU was signed in the presence of state IT and Industries Minister KT Rama Rao (KTR).
The MoU was signed by Telangana Principal Secretary (indistries) Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd Founder Himanshu B. Patel. With an investment of Rs 2100 crore, Triton Electric will establish an ultra-modern electric vehicle manufacturing unit in the state, said a press release from KTR’s office.
It added that the new 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 also provide the required land to the firm through the Telangana State Industrial Infrastructure Corporation (TSIIC) at NIMZ in Zaheerabad.
IT and Industries minister KTR thanked the heads of Triton for coming forward to invest in Telangana, and said that the state is fast transforming into a favorite destination for the electronic vehicle manufacturing sector. “The government of Telangana will extend complete support for Triton to acquire the necessary approvals for setting up their facility,” he added.
Triton Electric Vehicle Pvt. Ltd CEO and founder Himanshu B. Patel told KTR that his company is fast expanding to cater to the increasing demand for electric vehicles. Triton EV’s first electric vehicles are zero-emission electric passenger cars, buses, semi-trucks, and three-wheelers. These vehicles are part of Triton EV’s integrated transportation ecosystem which also includes charging infrastructure and digital products, added the release.