Mr. K.T. Rama Rao, the Information Technology (IT) and Urban Development Minister of Telangana, announced a huge investment by a private company in the State.
On the 8th of October, the Telangana Rashtra Samithi (TRS) Cabinet minister informed that Telangana attracted Rs. 5,600 crores investment in the Electric Vehicles (EV) segment. The big investment was made by two start up companies and foreign entities.
The investment came after the K. Chandrashekar Rao Government of Telangana announced new EV policy in October 2020. It is to be noted, in India, Telangana is the only State to have an EV policy.
During the last day of the Telangana Monsoon Assembly session, Mr. K.T. Rama Rao highlighted about the growth of the EV sector and said, the policy envisages electric vehicles usage and alternative energy storage components. Speaking about the investment, Mr. Rama Rao said, apart from foreign entities, two startup companies from the State were investing in the EV segment.
In addition, the TRS Minister said, the State Government established two industrial parks, one in Chandana Valli and another at Sitarampur of Shabad mandal of Rangareddy district in an extent of 1,300 acres. Similar to this, another energy park at Divitipally in Mahabubnagar district is going to be established in an extent of 340 acres, which is expected to be increased into 500 acres land.
During the Assembly, Mr. Rama Rao said, “The State government has sent proposals to the Centre seeking its approval under EMC 2.0 scheme. It is for the investors to avail additional concession provided by the Centre under the said scheme.” He further added, “The Automotive Research Association of India (ARAI) is intending to establish a pre-certification laboratory in the State.”
In Telangana, as of now, there are 6,311 EVs of different categories active with incentives of Rs. 26.18 crores. In addition, the Telangana State Road Transport Corporation was plying 40 EV buses connecting the airport with the city. In all, there are 111 EV charge stations operating in 98 places in the city.
Now, the Telangana Government was planning to add another 118 new recharge EV stations in Hyderabad, and 10 each in Karimnagar and Warangal.
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