Ashok Leyland, the Commercial vehicle manufacturer will set up an INR 500 crore manufacturing plant in Telangana, state Industries Minister K. T. Rama Rao said on Monday.
The company has entered with the state government for setting up the unit into an MoU.
The investment of INR 500 crore will be invested in a phased manner, the minister added. Direct employment to over 1,000 people is expected from the plant.
Ashok Leyland’s decision would further strengthen the auto industry in Telangana, Rama Rao said. He also added that the industries department would continue its efforts to build the supplier ecosystem.
The MoU was signed in the first three days after the industries met Vinod Dasari, Ashok Leyland Managing Director in Delhi and asked him to invest in the state.
After the exchange of the MoU copies, the Chief Minister asked the officials of the Transport Department Road Transport Corporation to take the suggestions from Ashok Leyland to develop mass transport system for Hyderabad.