The Triton Electric Vehicle Pvt Ltd will set up a manufacturing unit in Telangana State with an investment of Rs. 2,100 Crores (~US $ 285 million). In the presence of IT and Industries Minister K. Tarakarama 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 Mr. Himanshu B. Patel signed the MoU.
With an investment of Rs 2100 Crores Triton Electric Vehicle Pvt. Ltd will establish an ultra-modern electric vehicle manufacturing unit in Telangana. 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. Minister KTR thanked the heads of Triton for coming forward to invest in Telangana.
Triton Electric Vehicle Pvt. Ltd CEO & Founder Mr. Himanshu B. Patel informed Minister KTR that their company is fast expanding to cater to the increasing demand for electric vehicles. He added 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.