META4 to set up EV unit in Telangana

New Delhi: UAE-based business group META4 is setting up an electric two-wheeler manufacturing plant in Telangana. The company on Monday said it will invest Rs250 crore to establish the EV manufacturing facility and inked a pact with the Telangana state government in this regard.

The Telangana government will provide 15 acres of subsidised land to the company at Zaheerabad, Telangana.

"With this investment, META4 intends to bring quality driven EVs to the Indian market in accordance with the FAME-2 approvals set by the Indian regulatory authority, and it will simultaneously enable space towards a strong economic drive in electric mobility," META4 Group CEO Muzammil Riyaz said in a release.