Triton Electric Vehicles signs MoU with Telangana, to invest Rs 2100 Cr

Hyderabad: The Telangana government and Triton Electric Vehicles (EV), a leading electric automobile company, entered a Memorandum of Understanding (MoU) on June 24, 2021, according to the company will set up a world-class EV manufacturing facility here with an investment of Rs 2100 crore in the state.

The industrial park layout of NIMZ Zaheerabad was discussed in detail virtually and few plots were identified on Thursday, said a release from Telangana IT minister K. T. Rama Rao’s (KTR) office.

The Triton team comprising CEO and chairman Himanshu Patel, India Development head Mohammad Mansoor and Triton associate Akbar Rasheed met IT Minister KT Rama Rao to take the discussions forward. Principal secretary Jayesh Ranjan and Director Automotive Gopalakrishnan VC were present in the meeting.

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According to the press release, on Minister KTR’s insistence, the Triton team was taken to the site at NIMZ Zaheerabad in a chopper and the plots were physically inspected. VC and MD of TSIIC Narasimha Reddy also accompanied the Triton team during the site visit.

Further, land-related procedures will reportedly ensue shortly. Triton stated that it is looking to construct its facility and get products out at the earliest to reduce the carbon footprint in the transportation space.

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