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Telangana government and Germany-based Liteauto GmbH on Monday entered into an MoU (memorandum of understanding) under which the latter would invest Rs 1,500 crore in the State to establish an advanced design and manufacturing facility.
According to Telangana IT and Industries Minister K T Rama Rao's official Facebook post, the facility would provide direct employment to more than 9,000 people and potentially create about 18,000 indirect employment opportunities in the State.
The facility would manufacture magnesium products for cars, commercial vehicles, two-wheelers in both ICE (internal combustion engine) and EV (electric vehicle) segments.
In the presence of Rama Rao and German Ambassador to India Walter J Lindner, the Telangana government and Liteauto GmbH entered into the MoU.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, December 06 2021. 21:19 IST