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German firm LiteAuto to invest Rs 1,500 crore in Telangana
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SME Times News Bureau | 06 Dec, 2021
LiteAuto GmbH, a German company specialising in the production of
components made of magnesium alloys for vehicles, will set up an
advanced design and manufacturing facility in Telangana with an
investment of Rs 1,500 crore.
An MoU to this effect was signed on
Monday between the Telangana government and LiteAuto GmbH in the
presence of Industries Minister K.T. Rama Rao and German Ambassador to
India, Walter J Lindner.
The facility will provide direct
employment to more than 9,000 people and potentially create over 18,000
indirect employment opportunities in the state.
The facility will manufacture magnesium products for cars, commercial vehicles, two-wheelers in both ICE and EV segments.
ALiteAuto
Managing Director Balanand Jaladi said the company has been making
magnesium components for some time under a pilot project in Telangana.
He
said the company choose Telangana due to its proactive and
industry-friendly policies and also for the presence of aerospace,
defence and automotive ecosystems.
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