US-based Biliti Electric Inc on Tuesday said it is planning to invest $150 million (around Rs 1,144 crore) to set up an electric three-wheeler plant with a production capacity of 2.5 lakh units per year in Telangana.
The new plant is estimated to drive private investment of $150 million and create over 3,000 jobs in the state, aligning with the state's policy to become a global hub for electric vehicle (EV) and energy storage manufacturing, the California-based company said in a statement.
Biliti currently operates through an exclusive manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) for manufacturing its three-wheelers.
The company's Taskman is a popular last-mile delivery vehicle, which is deployed in 15 countries across the globe, including Japan, the US, UK, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai and India.
Besides manufacturing units, Bilti has assembly plants in the US, Portugal and Kenya. Taskman is being used by various companies like Amazon, Ikea, BigBasket, Zomato, Flipkart and Grofers, among others, it said.
''The Taskman has already made more than 12 million deliveries worldwide with many more to come. Our batteries and drivetrain are compact and modular in design, allowing them to have wider applications in auto, marine, warehousing, and backup power sectors, enabling the buildout of an EV ecosystem,'' Biliti Electric CEO Rahul Gayam noted.
The facilities will be built in two phases over an area of 200 acres. Phase one will be developed on 13.5 acres with the capability to produce 18,000 vehicles per year and is expected to be operational in early 2023.
The larger facility spread across 200 acres will be operational in 2024 and have the capability to produce 2.4 lakh units per year. The plants will produce all of Biliti's products, including cargo model Taskman and passenger version Urban to serve customers in the global markets, the company said.
Luxembourg based GEM Global Yield LLC has committed $400 million to Biliti in the form of a share subscription facility, well-positioning the company to accelerate its growth, execute new strategic initiatives, acquire cutting edge technology players, and expand its manufacturing base to deliver on the company's vision of accelerating the world's transition towards smart and sustainable mobility, it added.
(With inputs from PTI)