PG Electroplast Ltd. (NSE: PGEL) witnessed a surge in its shares after announcing a strategic agreement with Spiro Mobility, Africa’s largest electric vehicle (EV) company. Through its wholly owned subsidiary, PG Technoplast Pvt. Ltd., the company will serve as the exclusive manufacturing partner for Spiro’s EVs and lithium-ion batteries in India.
As of 9:17 am the shares were trading 9.88% higher at ₹685.95 on NSE.
Key Details of the Partnership:
- Scope of Work: PG Technoplast will set up and manage manufacturing facilities for EVs, lithium-ion batteries, and associated components, while also handling raw material procurement.
- Roles Defined:
- PG Technoplast: Manufacturing and supply chain management.
- Spiro Mobility: Research & development, marketing, sales, and distribution.
Leadership Comments:
- Vishal Gupta, MD (Finance) of PG Electroplast, stated, “This agreement marks a significant milestone, opening a new avenue for growth in the EV and lithium-ion battery sector. Partnering with Spiro Mobility establishes us as a major player in India’s EV market.”
- Kaushik Burman, CEO of Spiro Mobility, expressed confidence in the partnership, saying, “With PG Technoplast’s expertise, we are poised to expand the EV market in emerging economies.”
About PG Electroplast:
Known for its prowess in contract manufacturing, PG Electroplast specializes in plastic injection molding and caters to leading brands in consumer durables, producing air conditioners, washing machines, and LED TVs.
This partnership signifies PG Electroplast’s entry into the rapidly expanding EV industry, reflecting its commitment to sustainable innovation and growth.
