US-based electric vehicles (EV) giant Triton, a major rival of Elon Musk-led Tesla, has entered into a memorandum of understanding (MoU) with the Telangana government to establish a manufacturing facility in the state's Sangareddy district. The company will set up the unit at the National Investment and Manufacturing Zone (NIMZ), Zaheerabad, with an investment of Rs 2,100 crore.
"This investment will create employment opportunities for about 25,000 local youth. Triton EV will produce more than 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, & rickshaws," Telangana IT and Industries Minister KT Rama Rao said in a tweet.
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Thanking the company for their decision to invest in the state, KTR mentioned that Telangana is emerging as a favourite destination for the EV manufacturing sector. He added that the government would give all the incentives applicable to mega projects and expedite the necessary approvals for setting up the facility.
The required land for the project will be provided to the firm through Telangana State Industrial Infrastructure Corporation (TSIIC). The manufacturing facility will not only produce Triton EVs for the Indian market, but also for Bangladesh, Sri Lanka, Nepal and the Middle East region.
CEO of Triton EV, Himanshu Patel, said they were investing in the EV sector as it was on the verge of a 'take-off' around the world. He added that Triton had decided to establish its manufacturing unit in Zaheerabad after consulting several other states, with Telangana being at the forefront of providing the right atmosphere for the growth of the industry. Others who were present at the meeting included Triton India's Head of Development Mohammed Mansoor and Industries Principal Secretary Jayesh Ranjan.
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Triton EV is based in New Jersey, US, and is a subsidiary of Triton Solar, which is into solar panels and battery engineering. Notably, rival Tesla is also set to enter into the Indian market this year, with plans of setting up R&D units in Bengaluru.
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