Wardwizard Innovations & Mobility Ltd to invest Rs 2,000 crore to develop EV ancillary cluster in Vadodara

Vadodara: Wardwizard Innovations & Mobility Ltd., a manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed a Memorandum of Understanding (MOU) with the Government of Gujarat to invest Rs. 2,000 crores in the development of an Electric Vehicle Ancillary Cluster by 2024. The agreement was signed by Mr. S.J. Haider, Additional Chief Secretary of the Industries and Mines Department, and Mr. Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.

Under this agreement, Wardwizard is set to make a substantial investment of Rs. 2,000 crores, over research and development of electric 2 & 3 wheelers, the establishment of motor assembly at Vadodara’s facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing. This initiative is expected to generate over 5,000 employment opportunities within the state, as per the note released by the company. DeshGujarat