Telangana Gets Another Big Investment

Back in October 2020, the Telangana government rolled out Electric Vehicle and Energy Storage (EV&ES) policy to encourage the use of electric vehicles in the state which can also combat the pollution.

As part of their policy, the Telangana government has approved the investment of Triton which is a rival of American electric vehicle and clean energy company, Tesla. Triton would be investing Rs 21,000 crore and through its investment, it would be creating 24,000 jobs in Telangana and indirect employment to the local youth.

“Delighted to announce that Triton EV – a leading US based Electric Vehicle company will be investing ₹ 2,100 Crores to establish an ultra-modern EV manufacturing unit at NIMZ, Zaheerabad in Sangareddy district. An MoU is signed between Triton EV & Govt of Telangana today. This investment will create employment opportunities for about 25,000 local youth,” tweeted KTR upon signing the MoU with Triton.

Further the IT minister added that Triton EV will produce more than 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs and rickshaws.

Triton is yet to make news with its productions and if their products are rolled out, Telangana might be the first statement that can see electric vehicles on Hyderabad roads.

Also with the EV&ES Policy, the Telangana government has a target of US 4 billion investment and 1.2 Lakh jobs.