Triton EV to Setup 2,100 Cr Plant in Telangana, Gets Advance Order too
Triton Electric Vehicle Pvt Ltd – Indian arm of the US based electric vehicle company will be setting up a manufacturing unit with investment of INR 2,100 Crore in India for electric vehicles at the National Investment & Manufacturing Zone at Zaheerabad, Telangana.
MoU between Triton Electric and Telangana Government
On 24th June, Triton through its newly formed Indian subsidiary Triton Electric Vehicles India Pvt. Ltd. signed an MoU with the Telangana Government represented by Telengana Principal Secretary for IT and Industries Mr. Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd., India Development Head Mr. M Mansoor in the presence of IT and Industries Minister (Telangana)Mr. KT Rama Rao. Telangana Government will provide required land for the project and also assured to offer various Government incentives applicable for mega projects in the state.
Expressing his views on the occasion Mr. KT Rama Rao said “The Government will extend complete support for the company to acquire the necessary approvals for setting up the facility”.
Triton to Cater Growing Electric Vehicle Demand in India
Triton Electric is seeking to cater to the increasing demand for electric vehicles in India. After registering its Indian subsidiary Tirton Electric Vehicle looked into investment opportunities in various states across the country and finally decided on Telangana due to its attractive industrial policy.
Triton Electric, in its statement mentioned that with the huge INR 2,100 Crore investment the company will establish a fully equipped electric vehicle manufacturing unit in Telangana. The unit, on completion is expected to employ more than 25,000 persons and produce around 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, and rickshaws.
Advance Order of 4000 Triton EV Semi Trucks From Foxbase
Triton Electric Vehicle announced on June 28th that Foxbase Technologies Private Limited has signed an irrevocable corporate purchase order for 4000 Triton EV Semi Trucks worth around INR 4400 Crore (USD 600 Million). Foxbase Technologies is a Bengaluru based technology solutions company which has forayed into EV and EV Charging Station business in South India. These Triton EV Semi Trucks shall be supplied to commercial industrial clients across the Southern India.
Speaking on the occasion Dr. Jaya Garg, MD of Foxbase Technologies said “We are excited and glad to place this order for Triton EV Semi Trucks as EV is a great priority area for Foxbase Technologies. Our strategic focus towards EV Charging business will drive us to work closely with Triton EV and their expertise in the area of Clean Energy and Evs”.
Expressing his delight Mr. Himanshu Patel, Founder and CEO of Triton Group said “the last 10 days have been phenomenally well for Triton EV and its India plans. We achieved certain important and great milestones for not just Triton EV but also for the Indian Electric Vehicle’s sector. We are excited to enter Telangana State with our Manufacturing facility”.
Telangana State has also promised to give 3000 government electric vehicle order to Triton EV.
About Triton EV: Triton Electric Vehicle LLC is the electric vehicle subsidiary of Triton Solar headquartered in Cherry Hill, New Jersey-USA. Triton EV is involved in the Energy Storage System business ranging from transportable small battery packs to 10 MWh battery storage unit for customers in the USA and abroad for applications like energy generation, load management, EV charging stations, etc. Triton is also involved in the manufacturing of Electric Vehicles using battery technologies developed by them.