WardWizard Innovations and Mobility Ltd signed a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs. 500 crore, this MOU was signed as a part of Vibrant Gujarat Global Summit 2022 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.WardWizard Innovations and Mobility Ltd are one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’.
This signing of MoU with the Gujarat Government took place in Gandhinagar in presence of the Hon’ble Chief Minister of Gujarat Shri Bhupendrabhai Patel and Mr Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Limited, along with several senior government dignitaries and officials from the company.
While elaborating on the MoU, Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., 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.”
According to the agreement, WardWizard would invest Rs.500 crores in the research and development of electric 2 & 3 wheelers, setting up the motor assembly at Vadodara’s facility, and developing ancillaries to manufacture raw materials. The company is also aiming to generate more than 6000 jobs in the state through this agreement.