Wardwizard Innovations & Mobility To Invest Rs 2,000 Cr To Develop EV Ancillary Cluster In Gujarat

Vadodara-based electric vehicle (EV) maker Wardwizard Innovations & Mobility on Thursday signed an initial pact with the Gujarat government to invest Rs 2,000 crore to develop an EV ancillary cluster by 2024.

The proposed investment will be on research and development of electric two-and three-wheelers, setting up a motor assembly unit at the company's Vadodara manufacturing facility, lithium-ion (li-ion) cell production and the development of ancillaries for raw material manufacturing, Wardwizard Innovations & Mobility said in a statement.

The initiative is expected to generate over 5,000 employment opportunities in the state, it said. According to the company, the agreement will help in fostering the growth of the EV industry and align with the government's vision of enhancing green mobility in the state.

"This memorandum of understanding (MoU) solidifies our commitment to electric mobility," Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd, said. With a significant Rs 2,000 crore investment, we fortify the local ecosystem, generating 5,000 employment opportunities and driving a greener, self-reliant India, he added.

(PTI)