People Tech Enterprises to invest Rs 1,800 cr for EV park in Andhra Pradesh

People Tech Enterprises Pvt Ltd inked an agreement with the Andhra Pradesh government on Friday to set up a 1,200-acre electric vehicle EV park in Kurnool district, with an investment of Rs 1,800 crore.Dubbed as Orvakal Mobility Valley, the park aims to foster a complete EV ecosystem, providing state-of-the-art infrastructure for EV manufacturing and allied industries.Once fully operational, the park is expected to attract an investment of USD 1.5 billion Rs 13,000 crore and generate employment opportunities for 25,000 people.

People Tech Enterprises Pvt Ltd inked an agreement with the Andhra Pradesh government on Friday to set up a 1,200-acre electric vehicle (EV) park in Kurnool district, with an investment of Rs 1,800 crore.

Dubbed as Orvakal Mobility Valley, the park aims to foster a complete EV ecosystem, providing state-of-the-art infrastructure for EV manufacturing and allied industries.

''Once fully operational, the park is expected to attract an investment of USD 1.5 billion (Rs 13,000 crore) and generate employment opportunities for 25,000 people. As the anchor unit of the park, People Tech Enterprises will set up an electric two-wheeler manufacturing unit with an investment of Rs 300 crore,'' said a press release.

The park aims to catalyse EV industry growth by offering essential infrastructure such as R&D centres, testing tracks, plug and play industrial spaces and readymade plots for industries.

The deal was struck in the presence of IT Minister Nara Lokesh and Industries Minister TG Bharath.

''The Orvakal Mobility Valley is a significant step towards creating a thriving ecosystem for electric vehicles and demonstrates our government's ability to enable rapid industrial growth through cutting-edge policies and seamless support,'' said Lokesh.

People Tech Group representative Bhaskar Reddy noted that the ground breaking ceremony for both the park and the two-wheeler manufacturing unit is planned for the end of March 2025.

''The first electric two-wheeler from our factory is expected to roll out by December 2026. We are also in advanced 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,'' he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)