Telangana attracts over Rs 2,450 crore investment from EV makers

The state of Telangana which announced its EV policy today has said a numner of electric vehicle makers have committed investment in the state to manufacture and sell the eco-friendly vehicles.

The Minister for IT and Industries, Kalvakuntla Taraka Rama Rao said, “We invite the Industry to come and make Hyderabad their manufacturing base as we believe local production is the key to achieve price/performance parity and enable faster adoption of electric vehicles.”

He highlighted the 3D mantra - Decarbonisation, Digitisation and Decentralisation – for sustainable development at the Telangana EV Summit 2020.

The government signed a number of MoUs in the EV space, including Olectra, Mytrah Energy and ETO Motors among others. As per the official announcement, Olectra will set up an electric bus manufacturing unit with an investment of Rs 300 crore, which will lead to creation of 3,500 direct and indirect employment opportunities.

Mytrah Energy looks to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore, that will generate 7,000 direct and indirect employment opportunities.

Furthermore, electric three-wheeleer maker ETO Motors will set up a manufacturing unit with an investment of Rs 150 crore, which will lead to direct and indirect job opportunities for 1,500 people in the state.