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Wardwizard, Gujarat Government Forge INR 2,000 Cr Partnership to Establish EV Hub

The collaboration aims to transform Vadodara into a pivotal hub for electric vehicles, with a promising impact on employment through the creation of over 6,000 new jobs.

January 01, 2024. By Abha Rustagi

Vadodara-based Wardwizard Innovation and Mobility Ltd. has inked a groundbreaking Memorandum of Understanding (MoU) worth INR 2,000 crore with the Gujarat government.

The collaboration aims to transform Vadodara into a pivotal hub for electric vehicles, with a promising impact on employment through the creation of over 6,000 new jobs.

Wardwizard, renowned for its 'Joy e-bike' range of electric two-wheelers, has secured 100 acres of land from the state government as part of the MoU. This will serve as the foundation for establishing auxiliary cluster units dedicated to battery manufacturing, control unit production, and motor manufacturing.

One of the significant aspects of the partnership is the government's commitment to providing free land and infrastructure to vendors establishing ancillary units. These vendors will not only cater to Wardwizard's requirements but will also have the opportunity to supply their products to other players in the EV industry.

The MoU further outlines plans for the establishment of a plant dedicated to the manufacturing of lithium-ion battery cells, with a capacity of 1 GHz. This move is aimed at reducing the dependency on imports from China for crucial battery components.

The current partnership signifies Wardwizard's commitment to substantial investments, totaling around INR 2,000 crore, underscoring the company's dedication to advancing the electric two-wheeler and three-wheeler sector.

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Business

Wardwizard Innovation and Mobility

Memorandum of Understanding

Electric two-wheelers

Electric mobility