On the 6th of December, Monday, a German firm, Liteauto GmbH, is set to invest Rs. 1,500 crore with its new plant in Telangana. With the new establishment, the company would create direct employment to 9,000 people and would provide indirect employment to 18,000 people. The company is going to manufacture magnesium products related to commercial vehicles and two-wheelers.
On Minday, Liteauto GmbH signed a Memorandum of Understanding (MoU) with the Telangana government, the Telangana Rashtra Samithi (TRS) in the presence of the Information Technology (IT) minister Mr. K.T. Rama Rao and Industries Principal Secretary Mr. Jayesh Ranjan.
Speaking on the occasion, minister KT Rama Rao said that the Telangana government welcomes the german firm to invest in the state. The government has provided 2,000 acres for setting up the industry, he added. Meanwhile, the company Managing Director Balanand Jaladi said that Telangana was chosen due to its industry friendly policies and also presence of aerospace, defense and automotive ecosystems. It has been making magnesium components under a pilot in Telangana for some time now and they were being shipped to Germany for advanced research and development.
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