The state of Telangana in India is set to receive a massive economic boost as Triton, an American EV company is ready to invest Rs 2,100 crore. The investment is coming as a manufacturing unit that will provide employment for 25,000 people.
The ultra-modern facilities will be used to make electric vehicles, including buses, semi-trucks, sedans, SUVs and rickshaws. Triton aims to make 50,000 during its first five years of operation.
Vehicles from the new plant, which will be located in the National Investment and Manufacturing Zone (NIMZ) in the Sangareddy district, Zaheerabad, will be sold both locally and in countries like Bangladesh, Sri Lanka, Nepal and the Middle East too.
The land on which the factory will be built will be supplied by the government of Telangana. The government is also ready to assist Triton in obtaining all the necessary approvals. Triton will be getting incentives too.
The CEO and founder of Triton, Himanshu Patel, explained that his company surveyed several states across the country before picking Telangana due to its welcoming nature.
Minister KT Rama Rao thanked Telangana for coming to his state and pointed out that it is fast becoming destination of choice for electric vehicle makers.
The Memorandum of Understanding was signed by Jayesh Ranjan, principal secretary of Telangana State and founder and CEO of Triton EV, in the presence of KT Rama Rao, Minister of Municipal Administration & Urban Development, Industries, and IT & Commerce, Government of Telangana, and Mohammed Mansoor, Head of Development, India for Triton EV
In addition to electric vehicles, the company, with headquarters in New Jersey, US, is into making charging infrastructure and other digital products.
Triton’s move to establish manufacturing presence in India comes after reports that popular American electric vehicle is looking to set up research and production facilities in the Asian country.
India is home to a thriving electric mobility sector, with electric motorcycles and scooters manufacturers calling it a home.