UAE-based META4 Group will invest $32 million to set up an electric two-wheeler manufacturing plant in Telangana, India.
The company has signed a Memorandum of Understanding (MoU) with the government of Telangana to acquire 15 acres of subsidized land in the National Investment and Manufacturing Zone at Zaheerabad, Telangana. The plant is expected to create nearly 500 direct and 2,000 indirect jobs in the state.
META4 has made this investment through Voltly Energy, a company that manufactures advanced electric two-wheelers and provides energy-efficient charging solutions for all electric vehicles. Volty Energy signed an MoU in the presence of state IT and Industries Minister Mr. KT Rama Rao and Mr. Jayesh Ranjan, Principal Secretary, Industries & Commerce (I&C) and IT in the state.
“The state is fast transforming into a favorite 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,” Mr. Rama Rao said.
Mr. Muzammil Riyaz, Group CEO, META4 said that “With this investment with the Telangana government, META4 intends to bring quality driven EVs to the Indian market in accordance with the FAME II approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in electric mobility. This collaboration will hopefully pave the way for Voltly Energy to accelerate their vision of the Make-in-India campaign and establish their identity as a purely Indian entity.”
The EV 2-Wheeler unit is expected to be ready by the end of FY 2022-23. 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 manufacturing plant will have automation integration, including the latest semi-robotics and cutting-edge machinery.