The management team of Monarch Tractors, a U.S.-based driver-optional electric tractor company, met Telangana Chief Minister A Revanth Reddy in the US and discussed the feasibility of investing in a manufacturing unit in the state apart from expanding its existing R&D facility here.
Reddy is currently leading a high-level delegation in the US on a mission to attract investments to the State.
Monarch Tractors already has a presence in the State and operates a research and development center in Hyderabad from 2023. The company discussed plans to expand that R&D center, creating more high-tech jobs in the region.
The Monarch team announced plans to set up an autonomous tractor testing facility in Hyderabad to complement the R&D work being done here.
The Telangana delegation has invited Monarch Tractors to bring manufacturing operations to the state. “We were delighted to meet Chief Minister Reddy and other officials to discuss our commitment to innovation in Telangana,” Praveen Penmetsa, CEO, Monarch Tractors said in a release.
“Our R&D center in Hyderabad has been instrumental in building our advanced driver-optional smart electric tractors. We see an opportunity to expand our operations in Telangana, bringing more manufacturing and employment to the region,’‘ he added. The Monarch team handed over a letter of intent to explore setting up a manufacturing facility in Telangana.
Monarch Tractors is revolutionising farming with the world’s first fully autonomous, driver-optional smart electric tractor. Their tractors leverage advanced technologies like electrification, automation, and AI to help address labor shortages while increasing productivity and sustainability in agriculture.
The Chief Minister said: “We are focused on attracting high-tech, environmentally-friendly companies and welcoming Monarch Tractors to our State.’‘
“We are positioning Telangana as a leader in autonomous and electric vehicle technology. Monarch Tractors is aligned with that vision, and we hope to see them grow their presence in our state,’‘ he added.