WardWizard inks MoU with Gujarat govt. to invest Rs. 500 crore for EV development
WardWizard Innovations and Mobility Ltd, manufacturer of electric two-wheelers brand 'Joy e-bike' has announced that it has signed a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs. 500 crore. The agreement aims to promote the growth of the electric vehicle industry and meet the government's vision of bolstering 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 the Hon'ble Chief Minister of Gujarat Mr. Bhupendrabhai Patel and Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Limited. Several senior government luminaries and officials from the company were also present.
As part of the contract, WardWizard would invest Rs.500 crores in research and development of electric two and three-wheelers, setting up the motor assembly at Vadodara's facility, and developing EV ancillaries to manufacture raw materials. The company will also create more than 6000 jobs in the state.
Expounding on the MoU, Mr. Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., stated, "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."
