Wardwizard To Fund Rs 2,000 Crore To Develop EV Ancillary Cluster By CIOTechOutlook Team

Wardwizard To Fund Rs 2,000 Crore To Develop EV Ancillary Cluster

CIOTechOutlook Team | Thursday, 26 October 2023, 10:59 IST

The Gujarat government and Vadodara, India-based Wardwizard Innovations & Mobility, a manufacturer of electric vehicles (EVs), inked a preliminary agreement for an investment of Rs 2,000 crore to establish an EV auxiliary cluster by 2024. According to Wardwizard Innovations & Mobility, the proposed investment will go toward developing a motor assembly unit at the company's Vadodara manufacturing facility, researching and developing electric two- and three-wheelers, producing lithium-ion (li-ion) cells, and developing ancillaries for the manufacturing of raw materials.

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.The initiative is expected to generate over 5,000 employment opportunities in the state, as per economic times.

The business claims that the arrangement would support the expansion of the electric vehicle (EV) industry and be in line with the state government's goal of promoting green transportation.

Founded on October 20, 1982, Wardwizard Innovations & Mobility Limited is a publicly traded firm. In order to get into the EV market, Wardwizard's main brand Joy e-bike initially introduced electric bicycles in 2016. And the young people quickly made them very demand. 2019 saw a shift in the company's control and management as a result of the Acquirers' (Mr. Yatin Gupte & others) successful completion of the Open Offer on September 24.