Hyderabad: Telananga Government and Liteauto GmbH German-based GmbH on Monday entered the MoU (memorandum understanding) where the latter will invest 1,500 crore rs in the state to form sophisticated design and manufacturing facilities.
According to Telangana IT and Industries Minister K T Post Facebook Official Rama Rao, this facility will provide direct work to more than 9,000 people and potentially creating around 18,000 indirect employment opportunities in the state.
This facility will produce magnesium products for cars, commercial vehicles, two-wheeled in both ice (internal combustion engine) and EV (electric vehicles).
In front of Rama Rao and the German Ambassador to India Walter J Lindner, the Telangana government and Liteauto GmbH entered the MoU.
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