HYDERABAD: Chinese automobile manufacturer “Build Your Dreams” (BYD) and infrastructure major Megha Engineering and Infrastructure Ltd (MEIL) have announced plans to establish an electric vehicle (EV) and batteries manufacturing plant in Hyderabad.
The ambitious project, with an estimated investment of USD1 billion (over Rs 8,000 crore), marks a significant stride in the State’s industrial development.
The proposed venture, a joint investment between MEIL and BYD, is currently under discussion with the Union government. Once the necessary permissions and approvals are obtained, both companies will approach the State government to secure suitable land and other essential facilities.
According to industry reports, the proposal encompasses a comprehensive plan by BYD and MEIL to construct charging stations across India while establishing research and development centres and training facilities. BYD aims to introduce an extensive range of electric vehicles in India, from hatchbacks to luxury models.
BYD, recognised as a pioneering force in the transition from gasoline-powered vehicles to electric vehicles, has garnered acclaim for its cutting-edge Blade Battery and dual-mode hybrid power technology. The company has already invested USD 200 million in India for the Atto 3 electric SUV and the e6 EV, targeting corporate fleets. Further endeavours are underway to launch a luxury electric sedan later this year.
Meanwhile, MEIL’s subsidiary, Olectra, is poised to set up the largest EV bus factory in the country. As India’s premier electric bus manufacturer, Olectra has successfully produced and deployed various models of electric buses nationwide. The upcoming fully automated facility will have the capacity to manufacture 10,000 electric buses annually, encompassing a range of models.
In addition to electric buses, the plant will also serve as a manufacturing hub for three-wheelers, trucks, light commercial vehicles, and medium commercial vehicles. The Telangana State Industrial Infrastructure Corporation (TSIIC) has allocated 150 acres of land to Olectra Greentech for this project.
Situated in the Seetharampur industrial park, Shabad mandal, Rangareddy district, the expansive land will accommodate the state-of-the-art manufacturing facility.