META4, a United Arab Emirates (UAE) based company, has announced a Rs 250 crore investment in Telangana to build an electric two-wheeler manufacturing unit.
Nearly 500 direct and 2,000 indirect employment will be created in the state as a result of the factory. According to the company, the Telangana government would grant 15 acres of subsidised land in the national investment and industrial zone at Zaheerabad. By the end of the fiscal year (FY) 2022-23, the EV 2-Wheeler unit should be ready. Muzammil Riyaz, META4's Group CEO, told the media that with this investment from the Telangana government, META4 plans to offer quality-driven electric vehicles (EV) to the Indian market in compliance with the Indian regulatory authority's Fame2 approvals. In the presence of the state, IT and Industries Minister KT Rama Rao and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in the state, the Volty Energy management team signed a memorandum of understanding (MoU). META4 said it invested in Voltly Energy, which manufactures sophisticated electric two-wheelers and provides energy-efficient EV charging solutions for all-electric cars. Voltly Energy plans to produce at least 40,000 units in the first phase of the plant's operation before ramping up to 100,000 units over the next three years. Automation will be integrated into the new production plant, which would include the newest semi-robotics and cutting-edge manufacturing technology. Aditya Reddy, Director, Voltly Energy Pvt. Ltd said that they not only want to serve our customers in India but also want to export vehicles to other global markets. META4 Holding is a Dubai-based private firm. With an active push toward better solutions and services, the company had been supervising several business divisions. Image Source
