UAE-based META4 to invest Rs 250 cr for 2-wheel electric vehicle factory in India
HYDERABAD: UAE-based META4 on Monday announced an investment of Rs 250 crore to set up an electric two-wheeler manufacturing plant in Telangana.
The plant will help create nearly 500 direct jobs and 2,000 indirect jobs in the state.
The Telangana government will provide 15 acres of subsidized land in the Zaheerabad National Investment and Manufacturing Zone, the company said in a statement.
The EV 2-Wheeler unit is expected to be ready by the end of fiscal year 2022-23.
“Through this investment with the Telangana government, META4 intends to bring quality electric vehicles to the Indian market in accordance with the ‘Fame2’ approvals set by the Indian regulatory authority,” said Muzammil Riyaz, CEO of the META4 group.
META4 said it made the investment through Voltly Energy, which provides advanced 2-wheel electric vehicle manufacturing and provides energy-efficient EV charging solutions for all electrified vehicles.
Volty Energy’s management team signed a Memorandum of Understanding in the presence of 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 rapidly transforming into a hotspot for the e-vehicle manufacturing industry. We are committed to providing all the support to Voltly Energy to acquire the necessary authorizations for the establishment of their installation”, added the Minister.
Voltly Energy aims to manufacture at least 40,000 units in the first phase of plant launch and to increase capacity to 100,000 in the next three years.
The new manufacturing facility will incorporate automation, including the latest semi-robotic and advanced manufacturing machinery.
“To meet the growth of the electric vehicle market in India, we aim not only to serve our customers in India, but also to export vehicles to other global markets,” said Aditya Reddy, Director of Voltly Energy Pvt. ltd.
META4 Holding is a private company in Dubai. The group had overseen various business segments with an aggressive approach towards smarter solutions and services.