Wardwizard Innovations & Mobility Ltd. has signed a groundbreaking Rs. 2,000 crore MOU with the Government of Gujarat to establish an Electric Vehicle Ancillary Cluster, advancing India’s electric mobility sector and creating over 5,000 jobs. The agreement underscores the commitment to ‘Make-in-India’ and green mobility. Wardwizard’s investment includes research and development, Li-ion Cell production, and the production of essential components. This milestone collaboration is a significant step towards a more sustainable and self-reliant future for India’s electric vehicle industry.
Wardwizard Innovations & Mobility Ltd., renowned for its ‘Joy e-bike’ brand of electric vehicles in India, has inked a monumental Memorandum of Understanding (MOU) with the Government of Gujarat to invest Rs. 2,000 crores by 2024 in establishing an Electric Vehicle Ancillary Cluster. This transformative agreement, signed during the Vibrant Gujarat Global Summit 2024 in Gandhinagar, signifies a giant leap forward for the electric vehicle industry and aligns with the government’s green mobility vision.
The MOU was signed by S.J. Haider, Additional Chief Secretary of the Industries and Mines Department, and Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, in the presence of senior government dignitaries and company officials. Wardwizard’s substantial investment encompasses diverse areas such as research and development of electric 2 & 3-wheelers, motor assembly establishment at Vadodara’s facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing. This initiative is poised to create over 5,000 employment opportunities within the state, delivering a significant boost to the electric mobility sector and the local job market.
Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd., expressed his gratitude to the Government of Gujarat and emphasized the shared vision of this partnership. The Rs. 2,000 crore investment bolsters the ‘Make-in-India’ initiative, strengthens the local ecosystem, generates 5,000 job opportunities, and promotes a greener, self-reliant India. It will facilitate the in-house production of Lithium-Ion Cells, Motor Controllers, Chargers, and further investment in technology, innovation, research and development, and marketing efforts.
This MOU between Wardwizard Innovations & Mobility Ltd. and the Government of Gujarat signifies a groundbreaking alliance for innovation and sustainability in the electric vehicle industry. It underlines a strong commitment to ‘Make-in-India’ and green mobility, marking a significant stride towards a more self-reliant and eco-friendly future. As the electric vehicle sector continues to evolve, this collaboration plays a pivotal role in shaping a greener and more self-sufficient India, benefiting both the industry and the nation.
About EV Ancillary Cluster
EV Ancillary, an innovative initiative by Wardwizard Innovations and Mobility Ltd., addresses the ongoing challenges in the supply of raw materials for electric vehicle manufacturing. It invites manufacturing partners to establish production units under one roof, focusing on essential components like motors, batteries, chassis, steel parts, chargers, and controllers. Wardwizard provides crucial support by offering state-of-the-art facilities, including land, human resources, and essential resources. EV Ancillary aims to boost the electric vehicle industry by reducing supply chain dependency on imports and ensuring a steady supply of raw materials at competitive prices.
About Wardwizard Innovations & Mobility Limited
Wardwizard Innovations & Mobility Ltd. is India’s leading auto manufacturer in the Electric Vehicle (EV) segment, operating under the ‘Joy e-bike’ brand. As the first listed entity on BSE in Electric Vehicle manufacturing, the company is dedicated to making a positive impact in the Indian EV segment. With over 10 models in its portfolio, Wardwizard has established a strong presence in more than 55 major cities across India, offering cleaner, greener options to combat carbon emissions.
