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Electric Vehicle Manufacturing Company Triton to Invest Rs 2100 Crores in Telangana

Triton

Triton

KTR thanked the heads of Triton for coming forward to invest in the state and said Telangana is fast transforming into a favourite destination for the electric vehicle manufacturing sector.

Triton Electric vehicles private limited has announced to set up a manufacturing unit in Telangana with an investment of Rs 2100 crores. In the presence of IT and Industries Minister KT Rao, the Department of Industries & Commerce, Govt. of Telangana and Triton Electric Vehicle Pvt. Ltd 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 Pvt. Ltd CEO & Founder Himanshu B. Patel signed the MoU today. 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.

The Government of Telangana will provide the required land to the firm through TSIIC at NIMZ Zaheerabad. KTR thanked the heads of Triton for coming forward to invest in the state and said Telangana is fast transforming into a favourite destination for the electronic vehicle manufacturing sector.

He added that the Government of Telangana will extend complete support for Triton to acquire the necessary approvals for setting up their facility.

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The Minister assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines. Triton Electric Vehicle Pvt. Ltd CEO and Founder Himanshu B. Patel informed KTR that their company is fast expanding to cater to the increasing demand for electric vehicles.

Himanshu also stated 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.

Triton EV is 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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first published:June 25, 2021, 08:49 IST