HYDERABAD: In a major push to Telangana’s industrial-friendly policies, Liteauto GmbH, a Germany-based company decided to invest Rs 1,500 crore in the State in order to establish a design and manufacturing facility. Munich-headquartered Liteauto GmbH entered into an agreement with the Government of Telangana during a formal signing ceremony held as part of the German Investors’ Summit, here on Monday. The state-of-the-art manufacturing facility, to be developed in 100 acres, will create more than 9,000 direct jobs and 18,000 indirect jobs.
The company, which launched its 100 per cent owned subsidiary Lite Auto Components Pvt Ltd in Hyderabad, specialises in the design and manufacture of light-weight magnesium alloy components for the automotive, e-vehicle and broader global mobility market. The facility will manufacture magnesium products for cars, commercial vehicles and two-wheelers in both ICE and EV segments.
The MoU was signed in the presence of IT & Industries Minister KT Rama Rao, German Ambassador to India Walter J Lindner and State Principal Secretary (IT, Industries & Commerce) Jayesh Ranjan.
Speaking during the signing ceremony, Rama Rao said that the State has a large land bank of around 200,000 acres for industrial development. “Many companies are looking at Telangana as it has industrial-friendly policies. No other state has a policy like TS-iPASS which provides certification to industries within 15 days.”
Stating that 17,500 clearances were given through TS-iPASS so far, he said: “The State government not only promises but also delivers. The current ecosystem in Hyderabad is very conducive with a large number of defence labs, aerospace entrepreneurs, research labs and offers multiple opportunities to collaborate with the State.”
Over the first five years of its full-scale operation, Liteauto plans to manufacture approximately 30,000 tonnes of proprietary magnesium alloy-based precision automotive components both for the Indian market and for export to major international automotive manufacturers.
Liteauto’s CEO Christopher McGinty said: “Major global automotive manufacturers have increasingly recognised Liteauto’s capability to help them meet their greenhouse challenges. The company’s management would like to thank the Government of Telangana for its fruitful cooperation and tangible support,” he added.