Wardwizard signs Rs. 2000 crore MoU with Gujarat government

Wardwizard Innovations & Mobility Ltd., a Indian electric vehicle manufacturer known for the 'Joy e-bike' brand, inked a Rs. 2,000 crore investment deal through a Memorandum of Understanding (MoU) with the Government of Gujarat. This investment is slated for the development of an Electric Vehicle Ancillary Cluster by 2024.

The MoU signing with the Gujarat Government took place during the Vibrant Gujarat Global Summit 2024 in Gandhinagar. This agreement was officially executed by SJ Haider, the Additional Chief Secretary of the Industries and Mines Department, and Yatin Sanjay Gupte, who serves as the Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.

Within this agreement, Wardwizard commits to a significant Rs. 2,000 crore investment across key areas. This encompasses research and development for electric 2 & 3-wheelers, establishing motor assembly at Vadodara's facility, producing Li-ion Cells, and developing ancillaries for raw material manufacturing. Moreover, this initiative is projected to create more than 5,000 job opportunities within the state, significantly benefiting both the electric mobility sector and the local job market, as stated in an official media release.

"This MoU solidifies our commitment to electric mobility and the 'Make-in-India' initiative. 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. This investment is pivotal for 'Make-in-India, easing supply chain pressures, and curbing import dependencies, as we prepare to manufacture Lithium-Ion Cells, Motor Controller, Chargers in-house while also investing in technology and innovation, expanding our research and development efforts, and growing our marketing initiatives." said Yatin Sanjay Gupte, Chairman & Managing Director, Wardwizard Innovations.