6 electric vehicle firms to invest over Rs 2,500cr in Telangana

These firms including Mytrah Energy, Olectra Greentech and ETO Motors on Friday signed memoranda of understanding with the state government.

The biggest investment is proposed to be made by Mytrah Energy. It plans to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore.

This is expected to generate direct and indirect employment opportunities to about 7,000 people.

Olectra Greentech Limited, a listed electric mobility company, will set up an electric bus manufacturing unit with an investment of Rs 300 crore.

The firm, which supplies electric buses to various state road transport corporations, will create direct and indirect employment opportunities to 3,500 persons through this plant.

Under another MoU, ETO Motors will set up an electric vehicle manufacturing unit with an investment of Rs 150 crore.

The firm will bring direct and indirect employment opportunities to about 1,500 people.

The MoUs were signed at a ceremony at Telangana Electric Vehicle Summit, where Industry Minister K.T. Rama Rao also unveiled the Telangana Electric Vehicle and Energy Storage Policy 2020-2030.

Pure EV, the IIT Hyderabad incubated manufacturer of electric two-wheelers and advanced Lithium-Ion batteries for electric mobility, also plans to set up a manufacturing base.

Etrio, which has launched electric two and three-wheelers, inked the MoU to set up a manufacturing facility.

Automotive Research Association of India (ARAI), Pune, proposed to set up a test facility for the electric vehicle segment in Telangana.