United Arab Emirates-based group META4 has announced its entry into India by investing in setting up an e2W manufacturing plant in Telangana. The company has made this investment through Voltly Energy.
As a part of the initial investment, the group has committed to invest INR 250 crore and has signed an MoU with the Government of Telangana, an official communication from the company stated.
The Telangana Government will provide 15 acres of subsidised land in the National Investment & Manufacturing Zone at Zaheerabad. The company claims the new manufacturing plant will have major automation integration, including semi-robotics and cutting-edge manufacturing machinery. Additionally, the plant will help create nearly 500 direct and 2,000 indirect jobs in the state, the company noted.
It aims to make the plant functional by the end of this fiscal year with an intention to manufacture 40,000 units in the first phase of the plant launch while expanding the capacity to 100,000 within the next three years, the release added.
The company further aims to manufacture other products in the e-mobility space, including batteries and charging stations. The MoU was signed in the presence of KT Rama Rao, IT and Industries Minister, Telangana and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology – Government of Telangana.
Rao said, “Entire nation is working hard towards achieving the e-mobility mission. Amidst this revolution, we are happy that the state is fast transforming into a favourite destination for the electronic vehicle manufacturing sector.”
Muzammil Riyaz, Group CEO, META4, said, “With this investment, META4 intends to bring quality driven EVs to the Indian market in accordance with the FAME II approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in Electric Mobility.”
Aditya Reddy, Director, Voltly Energy, said, “To cater to the growing EV market in India, we are happy to choose Hyderabad as our manufacturing location as being a tech city, this always brings new technology and innovation to the Indian consumer.”