META4 To Invest Rs 250 Crore In Electric Two-Wheeler Manufacturing In India

Highlights :

  • Telangana Government will provide land on subsidized rates of a size of 15 acres in Zaheerabad to META4 to build manufacturing facility.
  • META4 informed that the investment in India is being made through Voltly Energy.

Looking to grab a piece of the EV pie in India, the United Arab Emirates (UAE) based META4 has announced that it will be investing Rs 250 crore in the state of Telangana to set up an electric two-wheeler manufacturing facility.

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META4 has also held that it has signed a pact with the Telangana Government under which the state will provide land on subsidized rates of a size of 15 acres. The land will be given in Zaheerabad area.

META4 also informed that the investment is made through Voltly Energy which delves into the business of electric two-wheeler manufacturing and energy-efficient EV charging solutions for all EVs.

Muzammil Riyaz, Group CEO, META4, stated, “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.”

The MoU was signed in the presence of state IT and Industries Minister KT Rama Rao.

The company says that it will be producing cutting-edge products for the Indian market. The upcoming manufacturing facility will house key automation integration which includes the latest semi-robotics and manufacturing machinery. The manufacturing set up is expected to be ready by the end of the current financial year.

The CEO informed that the production facility will be producing 40,000 units in the beginning. This capacity will be increased to about 100,000 in the coming three years. This would be enough to generate about 500 direct and 2,000 indirect employment opportunities in Telangana.

Aditya Reddy, Director, Voltly Energy said, “We not only aim to serve our customers in India but also export vehicles to other global markets.”

The electric two wheeler growth in India

The recent EV registration data released by the Federation of Automobile Dealers Associations (FADA), shows that the electric vehicle market in India is buoyant mainly due to the electric two wheelers. In the financial year 2021-22, the electric two wheeler segment grew by more than five times compared with 2020-21. In the last fiscal, electric two-wheeler retail sales stood at 231,338 units as compared to 41,046 units in the previous one.

The growth rate of the e-two wheeler segment is poised for even a stronger growth from here. A report by Blune – the famous venture capital fund – held that electric two wheeler sales will rise by 24 times in India by 2030 making a market of above $20 billion within a decade.

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