UAE-based META4 to invest Rs 250 cr for EV 2 wheeler plant in India

by IANS |

Hyderabad, June 13 (IANS) The United Arab Emirates-based company META4 on Monday announced to invest Rs 250 crore to set up an electric two-wheeler manufacturing plant in Telangana.

The plant will help create nearly 500 direct and 2,000 indirect jobs in the state.

The Telangana government will provide 15 acres of subsidised land in the national investment and manufacturing zone at Zaheerabad, the company said in a statement.

The EV 2-Wheeler unit is expected to be ready by the end of FY 2022-23.

"With this investment with the Telangana government, META4 intends to bring quality driven EVs to the Indian market in accordance with the 'Fame2' approvals set by the Indian regulatory authority," said Muzammil Riyaz, Group CEO, META4.

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 state is fast transforming into a favourite destination for the electronic vehicle manufacturing sector. We are committed to provide all support to Voltly Energy to acquire the necessary approvals for setting up their facility," the Minister added.

Voltly Energy aims to manufacture at least 40,000 units in the first phase of the plant launch, and increase the capacity to 100,000 within the next three years.

The new manufacturing plant will have automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery.

"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," said Aditya Reddy, Director, Voltly Energy Pvt. Ltd.

META4 Holding is a privately-owned company in Dubai. The group had been overseeing various business segments with an aggressive approach towards smarter solutions and services.

Latest News
Gillespie resigns from his role as South Australia, Adelaide strikers' head coach Thu, Mar 28, 2024, 03:15 PM
'No scope for individuality in party', Karnataka DyCM Shivakumar warns warring leaders Thu, Mar 28, 2024, 03:10 PM
Ukrainian FM arrives in India to build on talks between PM Modi, Volodymyr Zelenskyy Thu, Mar 28, 2024, 03:02 PM
Political conspiracy, claims Kejriwal while being taken to Rouse Avenue Court Thu, Mar 28, 2024, 02:47 PM
NXP Semiconductors unveils industry-first platform for software-defined vehicles Thu, Mar 28, 2024, 02:41 PM
CM Vijayan & CPI(M) tread cautiously after ED case against Veena Vijayan Thu, Mar 28, 2024, 02:37 PM
IPL 2024: 'They opened for Australia...', says Ganguly on DC's opting for Warner, Marsh as opening pair vs PBKS Thu, Mar 28, 2024, 02:28 PM
India's trade policy is calibrated with economic growth path: Piyush Goyal Thu, Mar 28, 2024, 02:17 PM
Holi brings cheer to UP excise dept as sales soar Thu, Mar 28, 2024, 02:11 PM
Punjab CM Bhagwant Mann blessed with baby girl Thu, Mar 28, 2024, 02:10 PM
New AI tool can predict fatal heart rhythm with 80 pc accuracy Thu, Mar 28, 2024, 12:41 PM
IPL 2024: 'Perplexed, beyond my understanding', Smith, Pathan slam Hardik's tactics of using Bumrah vs SRH Thu, Mar 28, 2024, 12:27 PM
Sensex surges more than 700 points led by gains in financial stocks Thu, Mar 28, 2024, 12:19 PM
India launches new database to record crimes against UN peacekeepers Thu, Mar 28, 2024, 12:11 PM
Israel bracing for six-week Rafah operation immediately after Ramzan Thu, Mar 28, 2024, 12:04 PM