Mumbai, Oct 26 : Wardwizard Innovations & Mobility Ltd, an India-based auto manufacturing company, has signed a memorandum of understanding (MoU) with the Government of Gujarat to invest Rs 2,000 crore in development of an electric vehicle ancillary cluster by 2024.
Agreement was signed by Mr S J Haider, additional chief secretary of the Industries & Mines Department, and Yatin Sanjay Gupte, chairman & managing director of Wardwizard Innovations & Mobility Limited.
Under the agreement, Wardwizard is set to make a substantial investment of Rs 2,000 crore, spanning various critical areas. This includes research and development of electric 2 & 3-wheelers, establishment of motor assembly at Vadodara’s facility, Li-ion Cell production, and development of ancillaries for raw material manufacturing.
Furthermore, this initiative is expected to generate over 5,000 employment opportunities within the state, a press release said here on Thursday.
