NEW DELHI: United Arab Emirates (UAE) based business group META4 on Monday said it will invest Rs 250 crore to set up an electric two-wheeler manufacturing plant in Telangana.
The group has inked a pact with the state government in this regard.
As part of the agreement, the Telangana government will provide 15 acres of subsidised land to the company in Zaheerabad, Telangana.
META4 said it is making the investment through Voltly Energy, which provides advanced EV two-wheeler manufacturing and delivers energy-efficient EV charging solutions for all electrified vehicles.
"With this investment, META4 intends to bring quality-driven EVs to the Indian market in accordance with the FAME 2 approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in electric mobility," META4 Group CEO Muzammil Riyaz said in a statement.
To produce cutting-edge products, the new manufacturing plant will have major automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery, he added.
The manufacturing plant, with an initial production capacity of 40,000 units, would help create nearly 500 direct and 2,000 indirect jobs in the state, Riyaz said.
"We not only aim to serve our customers in India but also export vehicles to other global markets," Voltly Energy Director Aditya Reddy stated.