Hyderabad, June 13 (IANS) The United Arab Emirates-based company META4 on Monday announced to invest Rs 250 crore to set up an electric two-wheeler manufacturing plant in Telangana.
The plant will help create nearly 500 direct and 2,000 indirect jobs in the state.
The Telangana government will provide 15 acres of subsidised land in the national investment and manufacturing zone at Zaheerabad, the company said in a statement.
The EV 2-Wheeler unit is expected to be ready by the end of FY 2022-23.
"With this investment with the Telangana government, META4 intends to bring quality driven EVs to the Indian market in accordance with the 'Fame2' approvals set by the Indian regulatory authority," said Muzammil Riyaz, Group CEO, META4.
META4 said it has made the investment through Voltly Energy, which provides advanced EV 2-wheeler manufacturing and delivers energy-efficient EV charging solutions for all electrified vehicles.
The management team of Volty Energy signed an MoU in the presence of state IT and Industries Minister KT Rama Rao and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in the state.
"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," the Minister added.
Voltly Energy aims to manufacture at least 40,000 units in the first phase of the plant launch, and increase the capacity to 100,000 within the next three years.
The new manufacturing plant will have automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery.
"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," said Aditya Reddy, Director, Voltly Energy Pvt. Ltd.
META4 Holding is a privately-owned company in Dubai. The group had been overseeing various business segments with an aggressive approach towards smarter solutions and services.