Comments
The United Arab Emirates (UAE)-based META4 Group will be setting up an Electric Vehicles (EV) manufacturing plant with an investment of ₹250 crore in Zaheerabad, Telangana.
The Group signed a Memorandum of Understanding(MoU) with the Telangana government in this regard. As per the MoU, the Telangana government will provide 15 acres of subsidised land in the National Investment & Manufacturing Zone at Zaheerabad.
Investment through Voltly Energy
META4 has made this investment through Voltly Energy, which provides advanced EV 2-wheeler manufacturing and delivers energy-efficient EV charging solutions for all electrified vehicles.
The proposed plant is expected to be functional by the end of this fiscal year. Voltly Energy aims to manufacture at least 40,000 units in the first phase of the plant launch, and capacity will easily be taken up to 1,00,000 within the next three years. The new manufacturing plant will have major automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery. The plant will help create nearly 500 direct and 2,000 indirect jobs in the State.
“META4 intends to bring quality-driven EVs to the Indian market in accordance with the Fame2 approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in electric mobility,’‘ Muzammil Riyaz, Group CEO, META4 said in a release on Monday.
The Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology of Telangana, KT Rama Rao, said, “We are happy that the State is fast transforming into a favourite destination for the electronic vehicle manufacturing sector. We are committed to provide all support to Voltly Energy to acquire the necessary approvals for setting up their facility and have assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.’‘
“To cater to the growing EV market in India, we are happy to choose Hyderabad as our manufacturing location as being a tech city that always brings new technology and innovation to the Indian consumer. To cater to the growing EV market in India, we not only aim to serve our customers in India but also export vehicles to other global markets,’‘ Aditya Reddy, Director, Voltly Energy Pvt. Ltd said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.