LiteAuto GmbH, a German company specialising 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.
An MoU to this effect was signed on Monday between the Telangana government and LiteAuto GmbH in the presence of Industries Minister K.T. 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.
The facility will manufacture magnesium products for cars, commercial vehicles, two-wheelers in both ICE and EV segments.
ALiteAuto Managing Director Balanand Jaladi said the company has been making magnesium components for some time under a pilot project in Telangana.
He said the company choose Telangana due to its proactive and industry-friendly policies and also for the presence of aerospace, defence and automotive ecosystems.