Triton EV to invest Rs 2100 Cr for manufacturing unit in Telangana

Hyderabad, June 24: Triton Electric Vehicle will establish an ultra-modern electric vehicle manufacturing unit with an investment of Rs 2100 crores in Telangana.

In this regard, the Department of Industries & Commerce, Government of Telangana, and Triton Electric Vehicle Pvt. Ltd. on Thursday 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 CEO & Founder Himanshu B. Patel signed the MoU in presence of Telangana IT and Industries Minister KT Rama Rao.

The project is said to employ more than 25,000 persons and produce 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, and rickshaws.

Thanking the heads of Triton for coming forward to invest in Telangana, Minister Rama Rao said, Telangana is fast transforming into a favorite destination for the electronic vehicle manufacturing sector, and added that the State Government will extend complete support for Triton EV to acquire the necessary approvals for setting up their facility.

The State Government will provide the required land to the firm through TSIIC at NIMZ Zaheerabad. KT Rama Rao assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.

Commending the state’s friendly industrial policies, Triton EV CEO & Founder Himanshu B. Patel said 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.

He said that Triton EV is fast expanding to cater to the increasing demand for electric vehicles. The company is reinventing the automotive industry with its entirely new approach to the design and assembly of electric vehicles.

Triton’s factories, combined with proprietary in-house developed components, and products, enable the production of best-in-class electric vehicles that are competitively priced to fossil fuel variants.

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.

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