The MoU was signed by People Tech Enterprises CEO TG Viswa Prasad, CEO of the state economic development board Saikanth Varma in the presence of IT minister Nara Lokesh and industries minister TG Bharath. (Image: DC)
Anantapur: In a landmark development for India's Electric Vehicle (EV) ecosystem, the People Tech Enterprises has signed an MoU with the state government on Friday to establish a 1,200-acre Electric Vehicle Park.
The park, in Kurnool district, would be known as the Orvakal Mobility Valley. This private EV park is expected to be the nation’s premier destination for fostering a complete EV ecosystem.
The MoU was signed by TG Viswa Prasad, CEO of the group and Saikanth Varma, CEO of the state economic development board in the presence of IT minister Nara Lokesh and industries minister TG Bharath. Company representative Bhaskar Reddy was also present.
The Orvakal Mobility Valley will be developed with a total investment of ₹1,800 crore and it aims to provide state-of-the-art infrastructure for EV manufacturing and allied industries. Once fully operational, the park is expected to attract an investment of $1.5 billion (₹13,000 crore) and generate employment opportunities for 25,000 people.
As the anchor unit of the park, People Tech plans to set up an Electric Two-Wheeler (E2W) manufacturing unit with an investment of `300 crore. The park will also catalyse the growth of the EV industry by offering essential infrastructure, including Plug-and-Play industrial spaces or readymade plots for Industries.
Additionally, the project will create social infrastructure like housing, hospitals, educational institutions and malls, ensuring a holistic development approach for the Orvakal region. This will be a boost to the just announced Indichip Semiconductor Fab project and other upcoming investments in Orvakal.
.
Lokesh said, "We carry forward the vision of the chief minister to make AP the destination for new-age investments. This initiative reflects the commitment to being at the forefront of innovation and sustainability."
Minister Bharath said, “The Orvakal Mobility Valley positions AP as the leader in India's EV revolution. This park is not just an infrastructure project but a vision for the future of green mobility, creating jobs and enabling the establishment of EV-related ancillary industries.”
CEO Viswa Prasad said, "The Orvakal Mobility Valley will set the benchmark for private EV parks in the country, creating opportunities for manufacturing, innovation, and employment. The speed and efficiency of doing business in AP have been exemplary, and we appreciate the government's proactive approach."
Bhaskar Reddy said the ground breaking ceremony for the park and the E2W manufacturing unit is planned for March end. “The first electric two-wheeler from our factory would roll out by December 2026. We are also in talks with leading battery, display and motor control manufacturers from Taiwan, Korea and China for joint venture partnerships to establish their units in the park.”
The MoU was signed by TG Viswa Prasad, CEO of the group and Saikanth Varma, CEO of the state economic development board in the presence of IT minister Nara Lokesh and industries minister TG Bharath. Company representative Bhaskar Reddy was also present.
The Orvakal Mobility Valley will be developed with a total investment of ₹1,800 crore and it aims to provide state-of-the-art infrastructure for EV manufacturing and allied industries. Once fully operational, the park is expected to attract an investment of $1.5 billion (₹13,000 crore) and generate employment opportunities for 25,000 people.
As the anchor unit of the park, People Tech plans to set up an Electric Two-Wheeler (E2W) manufacturing unit with an investment of `300 crore. The park will also catalyse the growth of the EV industry by offering essential infrastructure, including Plug-and-Play industrial spaces or readymade plots for Industries.
Additionally, the project will create social infrastructure like housing, hospitals, educational institutions and malls, ensuring a holistic development approach for the Orvakal region. This will be a boost to the just announced Indichip Semiconductor Fab project and other upcoming investments in Orvakal.
.
Lokesh said, "We carry forward the vision of the chief minister to make AP the destination for new-age investments. This initiative reflects the commitment to being at the forefront of innovation and sustainability."
Minister Bharath said, “The Orvakal Mobility Valley positions AP as the leader in India's EV revolution. This park is not just an infrastructure project but a vision for the future of green mobility, creating jobs and enabling the establishment of EV-related ancillary industries.”
CEO Viswa Prasad said, "The Orvakal Mobility Valley will set the benchmark for private EV parks in the country, creating opportunities for manufacturing, innovation, and employment. The speed and efficiency of doing business in AP have been exemplary, and we appreciate the government's proactive approach."
Bhaskar Reddy said the ground breaking ceremony for the park and the E2W manufacturing unit is planned for March end. “The first electric two-wheeler from our factory would roll out by December 2026. We are also in talks with leading battery, display and motor control manufacturers from Taiwan, Korea and China for joint venture partnerships to establish their units in the park.”
( Source : Deccan Chronicle )
Next Story