Goyal Aluminiums Receives Land Allotment To Establish EV Plant


Goyal Aluminiums informed the exchanges that it received a land allotment from the Greater Noida Industrial Development Authority or GNIDA to establish a new plant for electric vehicles.

According to the company, the land allotment will help it expand its ambitious expansion plans and maintain strong growth rates. The company stated in a regulatory filing that plot No. 283 that measures around 4000 sq m and is available for lease for a period of up to 90 years.

The company has been allotted the land at Rs 14,917.50 per sq m. The plot’s provisional premium is Rs 59, 670,000. As registration money, the company has already deposited Rs. 58,50,000. According to the company, the balance of 90% without interest will be paid in 90 days.

Earlier this month, Goyal Aluminiums announced that it will enter the electric vehicle market through a newly formed venture called Wroley E India. The company will only manufacture electric scooters and low-speed vehicles for the domestic market.

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Already, the Central Institute of Road Transport has granted clearance to the company to launch the first high-speed electric scooter in April of the current year.

Wroley E India also received financing approval from Shri Ram Finance. This will allow customers to finance their electric scooter purchases in monthly installments. The company also employed 25 dealers in northern India and expects to hire 150 dealers across the country before March 2024.

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