German firm to set up Rs 1,500-cr manufacturing facility in Telangana
:
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.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
