Wardwizard Innovations & Mobility Ltd., renowned for its ‘Joy e-bike’ brand of electric vehicles in India, has inked a Memorandum of Understanding (MOU) with the Government of Gujarat. This groundbreaking agreement entails an investment of Rs. 2,000 crores in the establishment of an Electric Vehicle Ancillary Cluster by the year 2024. The collaboration aims to bolster the electric vehicle industry’s growth and align with the government’s vision of promoting eco-friendly mobility.
The MOU signing ceremony was a significant highlight of the Vibrant Gujarat Global Summit 2024 in Gandhinagar. Mr S.J. Haider, Additional Chief Secretary of the Industries and Mines Department, represented the government, while Mr Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, signed on behalf of the company. The presence of high-ranking government officials and company representatives underscored the agreement’s importance in advancing electric mobility.
Wardwizard’s commitment to this partnership includes a substantial investment of Rs. 2,000 crores across various critical areas. This encompasses research and development of electric 2 and 3-wheelers, the establishment of motor assembly at Vadodara’s facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing. Moreover, this initiative is anticipated to create over 5,000 job opportunities within Gujarat, significantly impacting the electric mobility sector and the regional job market.
Mr. Yatin Sanjay Gupte, Chairman & Managing Director of Wardwizard Innovations & Mobility Ltd., expressed his gratitude to the Government of Gujarat for their unwavering support. He highlighted the alignment of their vision with the government’s, solidifying their commitment to electric mobility and the ‘Make-in-India’ initiative. With a substantial Rs. 2,000 crore investment, Wardwizard aims to strengthen the local ecosystem, generate 5,000 job opportunities, and contribute to a greener and self-reliant India. This investment is pivotal for ‘Make-in-India’ as it eases supply chain pressures and reduces import dependencies. Wardwizard plans to manufacture Lithium-Ion Cells, Motor Controllers, and Chargers in-house, while also intensifying technology, innovation, research and development, and marketing efforts.
The MOU between Wardwizard Innovations & Mobility Ltd. and the Government of Gujarat ushers in a new era of innovation and sustainability in the electric vehicle industry. With a strong focus on ‘Make-in-India’ and a commitment to eco-friendly mobility, this partnership represents a significant step towards a more self-reliant and sustainable future. As the electric vehicle sector continues to evolve, this collaboration plays a pivotal role in shaping a greener and more self-sufficient India, benefiting both the industry and the nation.