Gensol Engineering To Funnel Rs 2,000 cr For EV Plant By CIOTechOutlook Team

Gensol Engineering To Funnel Rs 2,000 cr For EV Plant

CIOTechOutlook Team | Tuesday, 09 January 2024, 11:00 IST

Gensol Engineering has announced that it will invest Rs 2,000 crore to establish an EV manufacturing plant in Gujarat. As part of the Vibrant Gujarat Global Summit 2024's investment promotion activities, a memorandum of understanding (MoU) was inked with the Gujarat government.

The project will generate around 1,500 jobs in the region, Gensol said in a regulatory filing. The MoU was signed in the presence of Chief Minister Bhupendra Patel, as per economic times.

"The Rs 2,000 crore investment stands as a testament to our confidence in the state's commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution," said Anmol Singh Jaggi, Co-founder, Gensol Group.

The proposed EV production plant will be a hub of innovation, producing a wide range of cutting-edge EVs across segments, serving to both commercial and personal vehicle markets, according to the business.

The 10th Vibrant Gujarat Global Summit is slated for January 10-12, 2024.

Gensol is a microcosm of young thinkers, engineers and leaders dedicated to help the world build solar power projects that maximise investor profits. Gensol is the “one stop shop” for anybody and everybody who wants to take up solar as a possible avenue of investment.