HYDERABAD: The United Arab Emirates-based company META4 announced that it was going to invest Rs 250 crore to set up an electric two-wheeler manufacturing plant in Zaheerabad in Telangana state.
META4 said it has made the investment through Voltly Energy, which provides advanced EV 2-wheeler manufacturing and delivers energy-efficient EV charging solutions for all electrified vehicles.
The management team of Volty Energy signed an MoU in the presence of state IT and Industries Minister KT Rama Rao and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in the state. The new manufacturing plant will have automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery.
As per reports in Telangana Today, the Telangana government will provide 15 acres of subsidized land in the national investment and manufacturing zone at Zaheerabad, the company said in a statement. The EV 2-Wheeler plant is expected to be ready by the end of FY 2022-23 and will help create nearly 500 direct and 2,000 indirect jobs in the state.
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, Minister KTR said.