WardWizard Innovations and Mobility on Monday signed a Memorandum of Understanding (MOU) with the Gujarat government to invest INR 500 crore.
The agreement aims to foster the growth of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.
The MoU signing ceremony took place as part of Vibrant Gujarat Global Summit 2022 in Gandhinagar in the presence of the Chief Minister of Gujarat Bhupendrabhai Patel and Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility.
Several senior government dignitaries and officials from the company were also present.
As part of the agreement, WardWizard would invest INR 500 crore in research and development of electric 2 & 3 wheelers, setting up the motor assembly at Vadodara’s facility, and developing EV ancillaries to manufacture raw materials.
The company will also generate more than 6000 jobs in the state.
Gupte said 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,” he added.