UAE-based META4 has tied up with Volty Energy to set up a two-wheeler electric vehicle (EV) manufacturing facility in the Indian state of Telangana.
The plant will be set with an investment of Rs2.5bn ($31.99m).
The companies signed a memorandum of understanding with the Telangana government for the setting up of the plant.
The state government has decided to provide 15 acres of subsidised land located at the National Investment and Manufacturing Zone (NIMZ) in Zaheerabad.
The EV manufacturing facility is expected to generate 500 direct and 2,000 indirect jobs in the state, according to META4.
The unit is scheduled to be ready by the end of financial year 2022-23.
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Under the terms of the agreement, Volty Energy will manufacture 40,000 units in the initial phase. The capacity will be enhanced in the next three years to produce over 100,000 EV units.
Voltly Energy director Aditya Reddy was quoted by The Economic Times as saying: “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.” as saying.
The plant will feature key automation integration that include advanced semi-robotics and advanced manufacturing machinery, META4 said in a statement.
META4 CEO Muzammil Riyaz told the publication: “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.”
Image: The two-wheeler electric vehicle manufacturing facility is expected to generate 500 direct and 2,000 indirect jobs in Telangana, India. Credit: Sebastian Wagner from Pixabay