Announces investment of INR500 crores to facilitate the growth of Electric Vehicle Industry creating Electric Vehicle Ancillary Cluster
Targets to create more than 6000 job creation as a part of EV Ancillary Cluster
WardWizard Innovations and Mobility Ltd (BSE Code: 538970) – one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’, signed today a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs. 500 crore. The agreement aims to foster the growth of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.
The signing ceremony of MoU with the Gujarat Government took place as part of Vibrant Gujarat Global Summit 2022 in Gandhinagar in presence of Hon’ble Chief Minister of Gujarat Shri Bhupendrabhai Patel and Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Limited. Several senior government dignitaries and officials from the company were also present.
As part of the agreement, WardWizard would invest Rs.500 crores on research and development of electric 2 & 3 wheelers, setting up the motor assembly at Vadodara’s facility, and developing EV ancillaries to manufacture raw materials. The company will also generate more than 6000 jobs in the state.
Elaborating on the MoU, Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, “The investment would help in strengthening the development and boost the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution. The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers. EV Ancillary will work as a solution and ease the supply chain while decreasing the dependency on imports. As we are at the cusp launching our new high-speed two-wheelers and electric three-wheelers, the investment will help in reinforcing our R&D and marketing activities.”