Liteauto GmbH, a German company specialized in transportation magnesium products has entered into a Memorandum of Understanding (MoU) with the Government of Telangana to invest about Rs 1,500 crore in a new plant in the state. It will create direct employment for around 9,000 people and indirect employment for around 18,000 individuals, reported Siasat. The company will manufacture magnesium products related to commercial vehicles and two-wheelers.
Telangana IT Minister KT Rama Rao congratulated the company’s Managing Director Balanand Jaladi and said that they chose the state because of its highly efficient industrial policy.
Balanand Jaladi said the company chose Telangana due to its proactive and industry-friendly policies and also the presence of aerospace, defence and automotive ecosystems. It has been in the state making magnesium components under a pilot project for some time now and they were being shipped to Germany for advanced research and development.
“Liteauto GmbH has plans to invest about 600 million Euro in phases and about 180-200 million Euro will be in Telangana,” he added.
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“The first thing you need is a chunk of land to set up operations. In Telangana, we have more than 2,00,000 acres of land readily available for industrial usage. We have Telangana State Industrial Infrastructure Corporation (TSIIC) which will facilitate the transfer of land either through a leasehold or a freehold so that you can start your factory,” KTR said.
We are ensuring 24*7 electricity supply to all sectors; to industry, agriculture and every household. And we also take a lot of pride in the fact that 15 percent of the energy produced and supplied comes from renewable sources, solar and wind. We are the second largest renewable energy-producing state in the country. Our commitment to the environment, Sustainable Development Goals (SDG) and cleantech is something that we take pride in,” he said.
“We have given a total of 17500 approvals so far all in a time-bound manner, less than 15 days, many cleared under a period less than 11 days and 10 days. we have attracted more than 32-33 billion dollars of investment in the last 7 years. What makes us happy is that 24 percent of business is from repeat customers who already had a base in Telangana,” he added.
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