LiteAuto GmbH to set up `1,500-cr facility in Telangana
To provide jobs to 9,000 people, indirect employment to 18,000 in Telangana
image for illustrative purpose
Hyderabad: German automotive company LiteAuto GmbH, specialised 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. The company has signed an MoU with the Telangana government in the presence of Industries Minister KT 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. It will manufacture magnesium products for cars, commercial vehicles, two-wheelers in both ICE and EV segments. LiteAuto MD Balanand Jaladi said that they have been making magnesium components for some time under a pilot project in State.
He said the company has chosen Telangana due to its proactive and industry-friendly policies and also for the presence of aerospace, defence and automotive ecosystems.
KT Rama Rao said that the State government has been offering hassle free permissions and mechanism to industries and business to set up shop. Addressing a German Investors Summit in the city on Monday, he said that they provide first of its kind mechanism to the investors.
The Minister said that the youngest State has about 2,000 acres of land for the business and investors to start their business in a cordial atmosphere. In the last six years, we have provided all facilities and infrastructure to the companies, he said adding that Hyderabad is rated the best livable city with all facilities for companies to avail the land, manpower, permissions and support from the government.
He wooed the participants to invest big in the State and avail the best facilities and infrastructure. "We offer complete support of space, power supply and permissions in 15 days as per single window method to the companies coming to set up business. We addressed power problems on a priority basis and offered 24 hour power supply to all sectors in the State," he claimed.
