Visakhapatnam: Andhra Pradesh govt on Friday signed a memorandum of understanding with People Tech Enterprises Pvt Ltd to establish a 1,200-acre electric vehicle park in Kurnool district. Orvakal Mobility Valley will be developed with a total investment of 1,800 crore and aims to provide state-of-the-art infrastructure for EV manufacturing and allied industries. Once operational, the park is expected to attract an investment of $1.5 billion (about 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 300 crore. The park is expected to catalyse the growth of the EV industry by offering essential infrastructure, including R&D centres, testing tracks, plug-and-play industrial spaces, and readymade plots for industries
The project will also create social infrastructure like housing, hospitals, educational institutions, and malls, ensuring a holistic development approach for the Orvakal region.
The MoU was signed by TG Viswa Prasad, CEO, People Tech Group, and Saikanth Varma, CEO, Andhra Pradesh Economic Development Board, in the presence of state IT minister Nara Lokesh and industries minster TG Bharath.
Lokesh said they carry forward the vision of CM Naidu to make AP a destination for new age investments.
“The Mobility Valley is a significant step towards creating a thriving ecosystem for electric vehicles. This demonstrates our ability to enable rapid industrial growth through cutting-edge policies and seamless support,” said Lokesh.
As the anchor unit of the park, People Tech Enterprises will set up an electric two-wheeler manufacturing unit with 300 crore. The park is expected to catalyse the growth of the EV industry by offering essential infrastructure, including R&D centres, testing tracks, plug-and-play industrial spaces, and readymade plots for industries
The project will also create social infrastructure like housing, hospitals, educational institutions, and malls, ensuring a holistic development approach for the Orvakal region.
The MoU was signed by TG Viswa Prasad, CEO, People Tech Group, and Saikanth Varma, CEO, Andhra Pradesh Economic Development Board, in the presence of state IT minister Nara Lokesh and industries minster TG Bharath.
Lokesh said they carry forward the vision of CM Naidu to make AP a destination for new age investments.
“The Mobility Valley is a significant step towards creating a thriving ecosystem for electric vehicles. This demonstrates our ability to enable rapid industrial growth through cutting-edge policies and seamless support,” said Lokesh.
