Wardwizard’s Signs INR 2,000Cr MoU With Gujarat For EV Cluster Development

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At the Vibrant Gujarat Global Summit 2024 in Gandhinagar, an MOU was signed with the Gujarat Government. The project aims to create over 5,000 jobs.

Wardwizard Innovations & Mobility Ltd., known for its Joy e-bike brand in India, entered into an agreement with the Gujarat Government, committing an investment of INR 2,000 crore towards the creation of an Electric Vehicle Ancillary Cluster by 2024.

The MOU was formalized during the Vibrant Gujarat Global Summit 2024 in Gandhinagar. The pact was inked by S J Haider, from the Industries and Mines Department, and Yatin Sanjay Gupte, the head of Wardwizard Innovations & Mobility Limited.

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With this agreement, Wardwizard plans a significant INR 2,000 crore investment covering various domains. This encompasses electric 2 & 3-wheeler R&D, motor assembly in Vadodara, Li-ion Cell production, and ancillary development for raw material production. The initiative is projected to create over 5,000 jobs in the state, significantly influencing the electric mobility industry and local employment, as mentioned in an official statement.

Yatin Sanjay Gupte expressed gratitude to the Gujarat Government, emphasizing the alignment of Wardwizard’s vision with the government’s objectives. He highlighted the MOU as a testament to their dedication to electric mobility and the ‘Make-in-India’ campaign. The substantial investment aims to strengthen the local infrastructure, offering 5,000 job opportunities and promoting a sustainable, self-sufficient India. This financial commitment is crucial for the ‘Make-in-India’ initiative, aiming to alleviate supply chain challenges and reduce import reliance. The company’s strategy includes in-house manufacturing of essential components like Lithium-Ion Cells and Motor Controllers, along with an emphasis on technology, R&D, and marketing expansion.

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