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How many crores will UAE's META4 to invest in new EV manufacturing facility in Telangana?
A)
₹250 crore
B)
₹300 crore
C)
₹350 crore
D)
₹500 crore

Correct Answer : Option (A) - ₹250 crore


The United Arab Emirates (UAE)-based META4 Group will be setting up an Electric Vehicles (EV) manufacturing plant with an investment of ₹250 crore in Zaheerabad, Telangana.
 
The Group signed a Memorandum of Understanding(MoU) with the Telangana government in this regard. As per the MoU, the Telangana government will provide 15 acres of subsidised land in the National Investment & Manufacturing Zone at Zaheerabad.
 
The proposed plant is expected to be functional by the end of this fiscal year. Voltly Energy aims to manufacture at least 40,000 units in the first phase of the plant launch, and capacity will easily be taken up to 1,00,000 within the next three years. The new manufacturing plant will have major automation integration, including the latest semi-robotics and cutting-edge manufacturing machinery. The plant will help create nearly 500 direct and 2,000 indirect jobs in the State.
 
“META4 intends to bring quality-driven EVs to the Indian market in accordance with the Fame2 approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in electric mobility,’‘ Muzammil Riyaz, Group CEO, META4 said in a release on Monday(13th June 2022)..

Source : The Hindu Businessline

Published On : June 14, 2022
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