The United Arab Emirates-based company named META4 announced the establishment of an electric two-wheeler manufacturing unit in Hyderabad, Telangana.
On the 13th of June, Monday, META4 said to invest Rs. 250 crores for the unit in Zaheerabad, which would create 500 direct and 2,000 indirect jobs in the Telugu State.
Regarding this, the Telangana Rashtra Samithi (TRS) would provide 15 acres of subsidized land in the national investment and manufacturing zone at Zaheerabad. Furthermore, the EV 2-Wheeler unit is expected to be ready by the end of the Financial Year (FY) 2022-23.
META4 released a statement regarding this new investment and unit in Telangana and said, “With this investment with the Telangana government, META4 intends to bring quality-driven EVs to the Indian market per the ‘Fame2’ approvals set by the Indian regulatory authority.”
Mr. Muzammil Riyaz, the Group Chief Executive Officer (CEO) of META4 said, the investment has been made through Voltly Energy, which provides advanced EV 2-wheeler manufacturing and delivers energy-efficient EV charging solutions for all electrified vehicles.
Furthermore, the management team of Volty Energy signed a Memorandum of Understanding (MoU) in the presence of Mr. K.T. Rama Rao, the Information Technology and Urban Development Minister of Telangana, and Mr. Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in Telangana. The IT Minister Mr. K.T. Rama Rao said, “The state is fast transforming into a favorite destination for the electronic vehicle manufacturing sector. We are committed to providing all support to Voltly Energy to acquire the necessary approvals for setting up their facility.”
In addition, Volt Energy aims to manufacture at least 40,000 units in the first phase of the plant launch and increase the capacity to 1,00,000 units within the next three years.
Furthermore, the new manufacturing plant will have automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery.
In addition, Mr. Aditya Reddy, the Director of Volty Energy, a partner of META4 in this project said, “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.”
Meanwhile, this is another huge investment, which the Telangana Government has received for the establishment and development of the IT sectors, especially in Hyderabad City.
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