Wardwizard And Government Of Gujarat Partner For Rs. 2,000 Crore EV Ancillary Cluster
The Gujarat government and Wardwizard Innovations & Mobility Ltd., a company well-known in India for its line of electric vehicles under the “Joy e-bike” name, have signed an MOU. According to this ground-breaking agreement, an Electric Vehicle Ancillary Cluster will be established by 2024 with an investment of Rs. 2,000 crores.
The partnership seeks to support the expansion of the electric vehicle market and further the government’s goal of encouraging environmentally friendly transportation. One of the main attractions of the Vibrant Gujarat Global Summit 2024 in Gandhinagar was the signing of the MOU.
The government was represented by Mr. S.J. Haider, Additional Chief Secretary of the Industries and Mines Department, and the company was represented by Mr. Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.
High-ranking government figures and business executives were present, highlighting the significance of the agreement for the advancement of electric mobility. As part of their commitment to this collaboration, Wardwizard has committed to investing a significant Rs. 2,000 crores in a number of important sectors.
This includes the creation of motor assembly at the Vadodara facility, research and development of electric two- and three-wheelers, production of Li-ion batteries, and the development of ancillaries for the raw material manufacturing industry. Furthermore, it is projected that this program will generate more than 5,000 employment possibilities in Gujarat, so exerting a substantial influence on the electric mobility industry and the local labor market.
Mr. Yatin Sanjay Gupte, the head of Wardwizard Innovations & Mobility Ltd., thanked the Gujarat government for their help. He said that they have the same goal as the government, which is to make electric vehicles and support the ‘Make-in-India’ project. Wardwizard will spend Rs. 2,000 crore to make the local area better, create 5,000 jobs, and help India become greener and more independent. This money is important for ‘Make-in-India’ because it will make it easier to get things and less dependent on other countries. Wardwizard will make some parts of the electric vehicles by themselves, and also work harder on technology, innovation, research, and marketing.
Wardwizard Innovations & Mobility Ltd. and the Gujarat government have signed an agreement that will start a new time of change and care for the environment in the electric vehicle business. They both want to make ‘Make-in-India’ successful and use electric vehicles that are good for the environment. This agreement is a big step towards a future that is more independent and sustainable. As the electric vehicle business grows, this agreement will help India become greener and more self-reliant, which is good for both the business and the country.