Infrastructure giant Mega Engineering and Infrastructure Ltd (MEIL) and its Chinese partner BYD are planning to build an electric vehicle manufacturing plant in Telangana with a joint investment of US$1 billion (more than $80 billion rupees), sources said on Friday. The proposal was put forward by the government, which is looking at various aspects, they said.
Officials at the $5 billion conglomerate MEIL could not be reached for comment. “The proposal was put forward by the central government. Once the proposal was approved, the activities accelerated,” the source told PTI.
Also read: Tesla, BYD EV sales hit record highs
With the growing demand for electric buses, Olectra Greentech Ltd, a MEIL Group company, has purchased 150 acres of land from the Telangana government to build a state-of-the-art fully automated robotic manufacturing factory that will be able to produce 10,000 buses per year, and expand capacity.
The company also plans to expand its product line to dump trucks, trucks, light commercial vehicles, three-wheelers and other electric vehicle products. Once the necessary approvals are obtained, the BYD and MEIL consortium may seek the necessary land and other facilities from the state government, the sources added. BYD is currently a technical partner of Olektra under MEIL.
First published date: Jul 15, 2023 at 20:29 PM UST